<SEC-DOCUMENT>0001292814-25-003715.txt : 20251031
<SEC-HEADER>0001292814-25-003715.hdr.sgml : 20251031
<ACCEPTANCE-DATETIME>20251030174414
ACCESSION NUMBER:		0001292814-25-003715
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251031
DATE AS OF CHANGE:		20251030

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vale S.A.
		CENTRAL INDEX KEY:			0000917851
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15030
		FILM NUMBER:		251437304

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		PROVINCE COUNTRY:   	D5
		BUSINESS PHONE:		55 21 3485-3900

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		PROVINCE COUNTRY:   	D5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Companhia Vale do Rio Doce
		DATE OF NAME CHANGE:	20051108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE RIO DOCE CO
		DATE OF NAME CHANGE:	20020129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE DOCE RIVER CO
		DATE OF NAME CHANGE:	19950602
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>valedfbrgaap3q25_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United States</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities and Exchange Commission</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 6-K</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Report of Foreign Private Issuer</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Rule 13a-16 or 15d-16</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of the</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">October 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vale S.A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Praia de Botafogo n&ordm; 186, 18&ordm; andar,
Botafogo<BR>
22250-145 Rio de Janeiro, RJ, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Check One)
Form 20-F <FONT STYLE="font-family: Wingdings">&#120;</FONT> Form 40-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<B>&nbsp;</B>&nbsp;</P>

<P STYLE="text-align: center; font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><IMG SRC="valedfbrgaap3q256k_001.jpg" ALT="">&nbsp;</P>

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<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>Contents</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>



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  <TR STYLE="font: 12pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="width: 90%; text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif"></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 12pt; padding-bottom: 0pt"><FONT STYLE="font-family: Vale Sans,sans-serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><a href="#a_001"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>Report
    on review of parent company and consolidated condensed interim financial statements</B></FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_001"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>3</B></FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><a href="#a_002"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>Interim
    Consolidated Income Statement</B></FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_002"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>5</B></FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><a href="#a_003"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>Interim
    Income Statement of the Parent Company</B></FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_003"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>6</B></FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><a href="#a_004"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>Interim
    Statement of Comprehensive Income</B></FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_004"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>7</B></FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><a href="#a_005"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>Interim
    Statement of Cash Flows</B></FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_005"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>8</B></FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><a href="#a_006"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>Interim
    Consolidated and Parent Statement of Financial Position</B></FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_006"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>9</B></FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><a href="#a_007"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>Interim
    Statement of Changes in Equity</B></FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_007"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>10</B></FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><a href="#a_008"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>Interim
    Value Added Statement</B></FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_008"><FONT STYLE="font-family: Vale Sans,sans-serif"><B>11</B></FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_009"><FONT STYLE="font-family: Vale Sans,sans-serif">1.
    Corporate information</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_009"><FONT STYLE="font-family: Vale Sans,sans-serif">12</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_010"><FONT STYLE="font-family: Vale Sans,sans-serif">2.
    Basis of preparation of condense consolidated interim financial statements</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_010"><FONT STYLE="font-family: Vale Sans,sans-serif">13</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_011"><FONT STYLE="font-family: Vale Sans,sans-serif">3.
    Significant events and transactions related to the three-month period ended September 30, 2025</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_011"><FONT STYLE="font-family: Vale Sans,sans-serif">14</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_012"><FONT STYLE="font-family: Vale Sans,sans-serif">4.
    Information by business segment and geographic area</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_012"><FONT STYLE="font-family: Vale Sans,sans-serif">14</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_013"><FONT STYLE="font-family: Vale Sans,sans-serif">5.
    Costs and expenses by nature</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_013"><FONT STYLE="font-family: Vale Sans,sans-serif">18</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_014"><FONT STYLE="font-family: Vale Sans,sans-serif">6.
    Financial results</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_014"><FONT STYLE="font-family: Vale Sans,sans-serif">19</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_015"><FONT STYLE="font-family: Vale Sans,sans-serif">7.
    Taxes</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_015"><FONT STYLE="font-family: Vale Sans,sans-serif">19</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_016"><FONT STYLE="font-family: Vale Sans,sans-serif">8.
    Basic and diluted earnings per share</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_016"><FONT STYLE="font-family: Vale Sans,sans-serif">23</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_017"><FONT STYLE="font-family: Vale Sans,sans-serif">9.
    Cash flows reconciliation</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_017"><FONT STYLE="font-family: Vale Sans,sans-serif">23</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_018"><FONT STYLE="font-family: Vale Sans,sans-serif">10.
    Accounts receivable</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_018"><FONT STYLE="font-family: Vale Sans,sans-serif">25</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_019"><FONT STYLE="font-family: Vale Sans,sans-serif">11.
    Inventories</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_019"><FONT STYLE="font-family: Vale Sans,sans-serif">26</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_020"><FONT STYLE="font-family: Vale Sans,sans-serif">12.
    Suppliers and contractors</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_020"><FONT STYLE="font-family: Vale Sans,sans-serif">26</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_021"><FONT STYLE="font-family: Vale Sans,sans-serif">13.
    Other financial assets and liabilities</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_021"><FONT STYLE="font-family: Vale Sans,sans-serif">27</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_022"><FONT STYLE="font-family: Vale Sans,sans-serif">14.
    Investments in associates and joint ventures</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_022"><FONT STYLE="font-family: Vale Sans,sans-serif">29</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_023"><FONT STYLE="font-family: Vale Sans,sans-serif">15.
    Acquisitions and divestitures</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_023"><FONT STYLE="font-family: Vale Sans,sans-serif">31</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_024"><FONT STYLE="font-family: Vale Sans,sans-serif">16.
    Intangibles</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_024"><FONT STYLE="font-family: Vale Sans,sans-serif">33</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_025"><FONT STYLE="font-family: Vale Sans,sans-serif">17.
    Property, plant, and equipment</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_025"><FONT STYLE="font-family: Vale Sans,sans-serif">35</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_026"><FONT STYLE="font-family: Vale Sans,sans-serif">18.
    Financial and capital risk management</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_026"><FONT STYLE="font-family: Vale Sans,sans-serif">36</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_027"><FONT STYLE="font-family: Vale Sans,sans-serif">19.
    Financial assets and liabilities</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_027"><FONT STYLE="font-family: Vale Sans,sans-serif">39</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_028"><FONT STYLE="font-family: Vale Sans,sans-serif">20.
    Participative shareholders&#8217; debentures</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_028"><FONT STYLE="font-family: Vale Sans,sans-serif">41</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_029"><FONT STYLE="font-family: Vale Sans,sans-serif">21.
    Loans and borrowings</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_029"><FONT STYLE="font-family: Vale Sans,sans-serif">41</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_037"><FONT STYLE="font-family: Vale Sans,sans-serif">22.
    Leases</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_037"><FONT STYLE="font-family: Vale Sans,sans-serif">43</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_030"><FONT STYLE="font-family: Vale Sans,sans-serif">23.
    Brumadinho dam failure</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_030"><FONT STYLE="font-family: Vale Sans,sans-serif">43</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_031"><FONT STYLE="font-family: Vale Sans,sans-serif">24.
    Liabilities related to associates and joint ventures</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_031"><FONT STYLE="font-family: Vale Sans,sans-serif">46</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_032"><FONT STYLE="font-family: Vale Sans,sans-serif">25.
    Provision for de-characterization of dam structures and asset retirement obligations</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_032"><FONT STYLE="font-family: Vale Sans,sans-serif">48</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_033"><FONT STYLE="font-family: Vale Sans,sans-serif">26.
    Legal proceedings</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_033"><FONT STYLE="font-family: Vale Sans,sans-serif">50</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_034"><FONT STYLE="font-family: Vale Sans,sans-serif">27.
    Employee benefits</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_034"><FONT STYLE="font-family: Vale Sans,sans-serif">52</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_035"><FONT STYLE="font-family: Vale Sans,sans-serif">28.
    Equity</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_035"><FONT STYLE="font-family: Vale Sans,sans-serif">53</FONT></a></TD></TR>
  <TR STYLE="font: 8pt Vale Sans; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 12pt"><a href="#a_036"><FONT STYLE="font-family: Vale Sans,sans-serif">29.
    Related parties</FONT></a></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><a href="#a_036"><FONT STYLE="font-family: Vale Sans,sans-serif">54</FONT></a></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>


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<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;<IMG SRC="valedfbrgaap3q256k_002.jpg" ALT=""></P>

<P STYLE="font: 15pt/112% Georgia, Times, Serif; margin: 0; color: #242424"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #494949">&nbsp;</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt; color: #494949">(A free translation of the original in Portuguese)</P>

<P STYLE="font: 15pt/140% Georgia, Times, Serif; margin: 10pt 0; color: #242424"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Arial, Helvetica, Sans-Serif; margin: 0 239.95pt 0 0"><B><A NAME="a_001"></A>Report on review of parent company and consolidated
condensed interim financial statements</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">To the Board of Directors and Shareholders</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">Vale S.A.</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt"><B>Introduction</B></P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">We have reviewed the accompanying condensed interim statement of financial
position of Vale S.A. (&quot;Company&quot;) as at September 30, 2025 and the related condensed interim statements of income statement
and comprehensive income for the quarter and nine-month period then ended, and the condensed interim statements of changes in equity and
cash flows for the nine-month period then ended, as well as the accompanying consolidated condensed interim statement of financial position
of the Company and its subsidiaries (&quot;Consolidated&quot;) as at September 30, 2025 and the related consolidated condensed interim
statements of income statement and comprehensive income for the quarter and nine-month period then ended, and the consolidated condensed
interim statements of changes in equity and cash flows for the nine-month period then ended, and explanatory notes.</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">Management is responsible for the preparation and presentation of these
parent company and consolidated condensed interim financial statements in accordance with the accounting standard CPC 21, Interim Financial
Reporting, of the Brazilian Accounting Pronouncements Committee (CPC), and International Accounting Standard (IAS) 34 - Interim Financial
Reporting, of the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these condensed interim
financial statements based on our review.</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt"><B>Scope of review</B></P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">We conducted our review in accordance with Brazilian and International
Standards on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent
Auditor of the Entity, and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively).
A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance
with Brazilian and International Standards on Auditing and consequently did not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 10pt"><IMG SRC="valedfbrgaap3q256k_002.jpg" ALT=""></P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt"><B>Conclusion </B></P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">Based on our review, nothing has come to our attention that causes
us to believe that the accompanying parent company and consolidated condensed interim financial statements referred to above are not prepared,
in all material respects, in accordance with CPC 21 and IAS 34.</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt"><B>Other matters</B></P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt"><B>Condensed statements of value added</B></P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">The interim condensed financial statements referred to above include
the parent company and consolidated condensed interim value added statements for the nine-month period ended September 30, 2025. These
statements are the responsibility of the Company's management and are presented as supplementary information under IAS 34. These statements
have been subjected to review procedures performed together with the review of the condensed interim financial statements for the purpose
of concluding whether they are reconciled with the condensed interim financial statements and accounting records, as applicable, and if
their form and content are in accordance with the criteria defined in the accounting standard CPC 09 - &quot;Statement of Value Added&quot;.
Based on our review, nothing has come to our attention that causes us to believe that these condensed interim value added statements have
not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and consistent
with the parent company and consolidated condensed interim financial statements taken as a whole.</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">Rio de Janeiro, October 30, 2025</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">/s/PricewaterhouseCoopers</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">Auditores Independentes Ltda.</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">CRC 2SP000160/F-5</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">Leandro Mauro Ardito</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt">Contador CRC 1SP188307/O-0</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>


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<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><A NAME="a_002"></A><B>Interim Consolidated Income Statement</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>In millions of Brazilian reais, except
earnings per share</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.65pt; padding-left: 2.65pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #007E7A 1pt solid; width: 51%; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 9%; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; width: 10%; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; width: 10%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; width: 10%; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; width: 10%; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Net operating revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;56,701&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;52,978&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;153,919&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;146,604&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(36,077)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(34,827)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(102,309)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(94,555)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;20,624&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;18,151&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;51,610&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;52,049&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Operating expenses</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Selling and administrative</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(858)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(770)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,445)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,183)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Research and development</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(820)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,066)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,437)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,826)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Pre-operating and operational stoppage</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(275)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(491)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,200)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,423)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">Impairment and gains (losses) on disposal of non-current assets, net</P></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(a), 16 and 17</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,996)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,341</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,195)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,756</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other operating expenses, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #DBDBDB 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,468)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,777)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(4,233)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(4,496)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;15,207&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;20,388&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;37,100&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;52,877&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial income</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;815&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;713&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2,130&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,657&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(2,162)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(2,069)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(6,674)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(5,651)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial items, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(510)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(716)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;4,873&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(6,871)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14 and 24</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;877&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(3,174)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;853&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,974)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;14,227&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;15,142&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;38,282&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;40,038&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;444&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,871)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(3,251)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(3,849)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;14,671&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;13,271&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;35,031&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;36,189&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss) attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;54&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(115)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;169&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(80)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income attributable to Vale S.A.'s shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;14,617&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;13,386&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;34,862&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;36,269&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Earnings per share attributable to Vale S.A.'s shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Basic earnings per common share (R$)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3.42&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3.14&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;8.17&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;8.48&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Diluted earnings per common share (R$)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3.42&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3.14&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;8.16&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;8.48&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">&nbsp;</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">&nbsp;</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">&nbsp;</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">The accompanying notes are an integral part of these interim
financial statements.</P>


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<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B><A NAME="a_003"></A>Interim Income Statement of the Parent Company</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>In millions of Brazilian reais, except
earnings per share</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Parent
    Company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month
    period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month
    period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 50%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #D9D9D9 1pt solid; background-color: white; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #D9D9D9 1pt solid; background-color: white; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #D9D9D9 1pt solid; background-color: white; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Net
    operating revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;35,067&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;37,685&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;95,483&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;105,753&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cost
    of goods sold and services rendered</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">5(a)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(18,636)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(17,921)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(52,236)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(50,694)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Gross
    profit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;16,431&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;19,764&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;43,247&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;55,059&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Operating
    expenses</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Selling
    and administrative</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">5(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(420)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(379)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,195)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,089)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Research
    and development</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(499)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(563)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,500)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,514)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pre-operating
    and operational stoppage</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(269)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(468)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,092)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,352)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Equity
    results and others results from subsidiaries</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,799&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,117&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,372&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;8,637&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Impairment
    and gains (losses) on disposal of non-current assets, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(a),
    16 and 17</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,677)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(337)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(3,254)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(500)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other
    operating expenses, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">5(c)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,124)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,531)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(3,163)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(3,512)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;15,241&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;20,603&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;38,415&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;55,729&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Financial
    income</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;472&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;283&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,217&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;777&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Financial
    expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,072)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,907)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(6,388)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(5,826)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other
    financial items, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(663)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(453)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,915&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(4,999)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Equity
    results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">14 and 24</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;877&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(3,174)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;853&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,974)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Income
    before income taxes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;13,855&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;15,352&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;38,012&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;43,707&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Income
    taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;762&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,966)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(3,150)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(7,438)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net
    income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;14,617&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;13,386&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;34,862&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;36,269&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Earnings
    per share attributable to Vale S.A.'s shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">8</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Basic
    earnings per common share (R$)</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3.42</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3.14</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8.17</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8.48</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Diluted
    earnings per common share (R$)</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.15pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3.42</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3.14</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8.16</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8.48</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">The accompanying notes are an integral part of these interim
financial statements.</P>


<!-- Field: Page; Sequence: 7 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B><A NAME="a_004"></A>Interim Statement of Comprehensive Income</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>In millions of Brazilian reais</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 53%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 7%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Net income</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>14,671</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>13,271</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>35,031</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>36,189</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Other comprehensive income (loss):</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Items that will not be reclassified to income statement</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Retirement benefit obligations</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(61)</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(110)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">228</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">109</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(61)</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(110)</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>228</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>109</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Items that may be reclassified to income statement</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustments of foreign operations (i) </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,147)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(612)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(9,143)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8,299</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Net investment hedge </FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18(a.iv)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">384</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">192</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,047</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,147)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Reclassification of cumulative translation adjustment to income statement (ii)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(758)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">55</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6,152)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(2,763)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1,178)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(7,041)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,000</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Comprehensive income </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11,847</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11,983</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>28,218</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>37,298</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Comprehensive income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(187)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(134)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(324)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,584</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Comprehensive income attributable to Vale S.A.'s shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>12,034</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>12,117</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>28,542</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>35,714</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Parent Company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Net income</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>14,617</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>13,386</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>34,862</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>36,269</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Other comprehensive income (loss):</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Items that will not be reclassified to income statement</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Retirement benefit obligations</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(12)</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(12)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">142</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(29)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Equity interests in other comprehensive income of subsidiaries</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(49)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(98)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">86</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">138</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(61)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(110)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>228</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>109</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Items that may be reclassified to income statement</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustments of foreign operations (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2,906)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(593)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(8,650)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,635</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Net investment hedge</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18(a.iv)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">384</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">192</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,047</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,147)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Reclassification of cumulative translation adjustment to income statement (ii)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(758)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">55</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6,152)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(2,522)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1,159)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(6,548)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(664)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Comprehensive income</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>12,034</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>12,117</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>28,542</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>35,714</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Includes the effect of changes in exchange
rates used by the Company to convert the financial information of subsidiaries operating in an international economic environment, with
a currency different from Vale's functional currency (note 2b).</P>

<P STYLE="font: 7pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(ii) In the nine-month period ended September
30, 2024, the effect refers substantially to the reclassification of accumulated translation adjustments of Vale Oman Distribution Center
and PT Vale Indonesia Tbk, in the amounts of R$620 (US$112) and R$5,728 (US$1,063), respectively (notes 15b and 15c).</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">Items above are stated net of tax, when applicable, and the
related taxes effects are disclosed in note 7.</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">The accompanying notes are an integral part of these interim
financial statements.</P>


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<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B><A NAME="a_005"></A>Interim Statement of Cash Flows</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>In million of Brazilian reais</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent Company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 58%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Cash flow from operations</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&nbsp;9(a) </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;50,599&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;49,529&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;51,412&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;54,389&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest on loans and borrowings paid</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;9(c)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(3,935)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(3,381)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(4,996)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(5,084)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cash received on settlement of derivatives, net</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">18</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,121&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;459&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,041&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;455&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments related to the Brumadinho event </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">23</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(3,312)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(3,078)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(3,312)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(3,078)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments related to de-characterization of dams </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,527)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,129)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,527)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,129)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest on participative shareholders' debentures paid </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">20</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(760)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(766)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(760)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(766)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Income taxes (including settlement program) paid</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(9,166)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(7,541)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(7,765)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6,580)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;34,020&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;33,093&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;35,093&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;37,207&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Cash flow from investing activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Acquisition of property, plant and equipment and intangible assets </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(21,559)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(21,612)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(16,198)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(15,320)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments related to the Samarco dam failure</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">24</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(11,776)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,601)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(11,776)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,601)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cash received (paid) from disposal and acquisition of investments, net</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">9(b)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,332&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,147&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,332&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,737)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Dividends received from associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;766&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;286&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;590&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,912&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Short-term investment, net</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,089&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;308&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;824&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(86)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other investing activities, net</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(48)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(33)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(613)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(464)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(26,196)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(8,505)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(21,841)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(17,296)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Cash flow from financing activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Loans and borrowings from third parties </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;9(c) </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;24,261&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;15,497&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9,299&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,453&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments of loans and borrowings to third parties </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">9(c)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(8,172)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(11,872)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,035)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(436)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments of leasing </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">22</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(590)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(695)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(148)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(114)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Dividends and interest on capital paid to Vale S.A.&#8217;s shareholders</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;28(d) </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(19,456)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(20,662)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(19,456)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(20,662)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Shares buyback program </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;28(c) </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,054)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,204)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(3,957)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(19,786)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(12,340)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(17,963)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Net increase in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,867&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,802&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;912&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,948&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cash and cash equivalents in the beginning of the period</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;30,671&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;17,474&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9,084&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,193&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,489)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,345&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Effect of transfer the Energy Assets to non-current assets held for sale and others</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(658)&#9;</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;418&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;15&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Cash and cash equivalents at end of the period</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;31,391&#9;</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;25,039&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;9,996&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;6,156&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">The accompanying notes are an integral part of these interim
financial statements.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><A NAME="a_006"></A><B>Interim Consolidated and Parent Statement of Financial
Position</B></P>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>In millions of Brazilian reais</B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent Company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;31,391&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;30,671&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9,996&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9,084&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,002&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;331&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;839&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;12&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Accounts receivable</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;13,328&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;14,600&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;17,459&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;28,663&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial assets</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,334&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;331&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,369&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;194&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Inventories</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;29,607&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;28,513&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;8,101&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7,975&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Recoverable taxes</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7(e)</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,553&#9;</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,811&#9;</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,453&#9;</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,933&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #DBDBDB 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-top: #DBDBDB 1pt solid; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #DBDBDB 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,467&#9;</FONT></TD>
    <TD STYLE="border-top: #DBDBDB 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,219&#9;</FONT></TD>
    <TD STYLE="border-top: #DBDBDB 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,163&#9;</FONT></TD>
    <TD STYLE="border-top: #DBDBDB 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,005&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;87,682&#9;</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;83,476&#9;</B></FONT></TD>
    <TD STYLE="background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;45,380&#9;</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;52,866&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="border-top: #DBDBDB 1pt solid; vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #DBDBDB 1pt solid; vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-top: #DBDBDB 1pt solid; vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #DBDBDB 1pt solid; vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-top: #DBDBDB 1pt solid; vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">26(c) </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,392&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,326&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,265&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,208&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial assets</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,208&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,429&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,253&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;179&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Recoverable taxes</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7(e)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9,420&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;8,030&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,975&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,580&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Deferred income taxes</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7(b)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;47,288&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;51,050&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;39,548&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;43,241&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;8,457&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;8,157&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,746&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,997&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;70,765&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;71,992&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;56,787&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;57,205&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Investments</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;27,434&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;28,158&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;141,053&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;152,740&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Intangibles</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;58,160&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;65,105&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;41,875&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;41,693&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Property, plant, and equipment</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;240,912&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;247,594&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;154,756&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;150,812&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;397,271&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;412,849&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;394,471&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;402,450&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;484,953&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;496,325&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;439,851&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;455,316&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; width: 50%; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Liabilities and shareholders equity</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 6%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 11%; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 11%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 11%; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 11%; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;30,054&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;26,217&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;17,836&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;15,286&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Loans and&nbsp;&nbsp;borrowings </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,498&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,316&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,035&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;819&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Leases</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;931&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;907&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;372&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;367&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,302&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9,555&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;30,398&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;22,144&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Taxes payable</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7(e)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,060&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,559&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,086&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,948&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7(c)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,289&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,184&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,289&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,184&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,328&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,420&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,328&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,420&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">24</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,320&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11,421&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,320&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11,421&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,988&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,160&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,365&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,451&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Provisions for litigation</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">26(a)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;786&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;736&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;786&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;736&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">27</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,386&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,266&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,590&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,925&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Dividends payable</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,046&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,046&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,918&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,268&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,979&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,718&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;70,860&#9;</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;81,055&#9;</B></FONT></TD>
    <TD STYLE="background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;75,384&#9;</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;72,465&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Loans and borrowings</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;92,400&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;85,282&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;34,429&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;30,164&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Leases</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,793&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,507&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;895&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;956&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Participative shareholders' debentures</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;14,196&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;13,727&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;14,196&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;13,727&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11,537&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;14,533&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;49,655&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;73,152&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7(c)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,815&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,234&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,815&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,234&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Deferred income taxes</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7(b)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;350&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,757&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,095&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7,778&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,095&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7,778&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">24</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,448&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11,261&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,448&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11,261&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;27,305&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;30,529&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;17,184&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;18,870&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Provisions for litigation</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">26(a)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,850&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,536&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,515&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,088&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">27</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,446&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,925&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,282&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,205&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Streaming transactions</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10,575&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11,651&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,550&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,830&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,826&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,644&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;189,360&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;201,550&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;146,340&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;176,079&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;260,220&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;282,605&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;221,724&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;248,544&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Equity</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">28</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Equity attributable to Vale S.A.'s shareholders</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;218,127&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;206,772&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;218,127&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;206,772&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Equity attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,606&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,948&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total equity</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;224,733&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;213,720&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;218,127&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;206,772&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total liabilities and equity</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;484,953&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;496,325&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;439,851&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;455,316&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; color: #242424">The accompanying notes are an integral part of these
interim financial statements.</P>


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<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B><A NAME="a_007"></A>Interim Statement of Changes in Equity</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>In millions of Brazilian reais</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 35%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 5%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Share capital</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Capital reserve</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Profit reserves</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Treasury shares</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Other reserves</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 7%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Equity attributable to Vale S.A.&#8217;s shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Equity attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 5%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total equity</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>77,300</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,634</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>114,889</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(19,785)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(432)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>31,166</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>206,772</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,948</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>213,720</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Net income</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">34,862</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">34,862</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">169</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">35,031</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">383</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6,703)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6,320)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(493)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6,813)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Dividends and interest on capital of Vale S.A.'s shareholders</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">28(c)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(9,143)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(8,091)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(17,234)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(17,234)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Dividends of noncontrolling interest</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(24)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(24)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transaction with noncontrolling interests </FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(64)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(64)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(58)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Share-based payment program</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">27(a)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">107</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">111</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">111</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>77,300</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,634</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>105,746</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(19,781)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(6)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>24,463</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>26,771</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>218,127</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,606</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>224,733</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>77,300</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,634</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>106,181</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(17,739)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(5,831)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>27,420</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>190,965</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,360</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>198,325</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Net income</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">36,269</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">36,269</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(80)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">36,189</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">158</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(713)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(555)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,664</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,109</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Dividends and interest on capital of Vale S.A.'s shareholders</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">28(c)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(11,722)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(8,940)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(20,662)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(20,662)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Dividends of noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Transaction with noncontrolling interests (i)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,593</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,593</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,222)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,371</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Shares buyback program</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">28(b)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2,054)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2,054)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2,054)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Share-based payment program </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">27(a)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(9)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>77,300</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,634</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>94,459</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(19,785)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1,089)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>26,707</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>27,329</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>208,555</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,721</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>216,276</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">(i) The effect on equity attributable to noncontrolling interests
includes the derecognition of noncontrolling shareholders of PT Vale Indonesia Tbk in the amount of R$9,050 (US$1,628), (note 15c) and
the recognition of noncontrolling shareholders of Vale Base Metals Limited in the amount of R$7,828 (US$1,514), (note 15d).</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">&nbsp;</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">The accompanying notes are an integral part of these interim
financial statements.</P>


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<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><A NAME="a_008"></A><B>Interim Value Added Statement</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>In millions of Brazilian reais</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Generation of value added</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Gross revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Revenue from products and services</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;155,296&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;148,288&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;96,747&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;107,386&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Revenue from the construction of own assets</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,730&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,633&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,462&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,020&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other revenues</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,061&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;959&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;893&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;832&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Less:</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cost of products, goods and services sold</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(34,020)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(29,385)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(19,674)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(19,083)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Material, energy, third-party services and other</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(40,243)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(38,851)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(14,571)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(14,782)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Impairment reversal (impairment) and gain (losses) from write-off of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(4,195)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,756&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(3,254)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(500)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Expenses related to Brumadinho event</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,574)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,556)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,574)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,556)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">De-characterization of dams</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;619&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;681&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;619&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;681&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other costs and expenses</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(10,757)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(12,622)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6,526)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(7,122)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Gross value added</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;70,917&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;84,903&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;57,122&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;70,876&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Depreciation, amortization and depletion</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(12,657)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(11,825)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(8,036)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(7,422)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net value added</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;58,260&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;73,078&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;49,086&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;63,454&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Received from third parties</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Equity results </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;853&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,974)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,225&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,663&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Financial result</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,843&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,945&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;489&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,142&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total value added to be distributed</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;61,956&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;76,049&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;55,800&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;74,259&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Personnel and charges</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Direct compensation</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8,683&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7,224&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,475&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,865&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Benefits</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,491&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,165&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,788&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,626&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">FGTS</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;394&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;382&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;352&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;343&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Taxes and contributions</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Federal taxes</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8,111&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8,712&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7,699&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;12,094&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">State taxes</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,521&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,652&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,213&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,460&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Municipal taxes</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;111&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;165&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;80&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;119&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Remuneration of third-party capital</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Interest (net derivatives and monetary and exchange rate variation)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,820&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;15,284&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,580&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,209&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Leasing</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;794&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,276&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;751&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,274&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Remuneration of own capital</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Reinvested net income from continuing operations</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;34,862&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;36,269&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;34,862&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;36,269&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Net income attributable to noncontrolling interest</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;169&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(80)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Distributed value added</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;61,956&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;76,049&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;55,800&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;74,259&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">&nbsp;</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">The accompanying notes are an integral part of these interim
financial statements.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_009"></A>1. Corporate information</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Vale S.A. (the &#8220;Parent Company&#8221;)
is a public company headquartered in the city of Rio de Janeiro, Brazil. Vale&#8217;s share capital consists of common shares, traded
on the stock exchange.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In Brazil, Vale's common shares are
listed on B3 under the code VALE3. The Company also has American Depositary Receipts (ADRs), with each representing one common share,
traded on the New York Stock Exchange (NYSE) under the code VALE. Additionally, the shares are traded on LATIBEX under the code XVALO,
which is an unregulated electronic market established by the Madrid Stock Exchange for the trading of Latin American securities. The Company's
shareholding structure is disclosed in note 28.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Vale, together with its subsidiaries
(&#8220;Vale&#8221; or the &#8220;Company&#8221;), is one of the world's largest producers of iron ore and nickel. The Company also produces
iron ore pellets and copper. Nickel and copper concentrates contain by-products such as platinum group metals (PGM), gold, silver, and
cobalt. Most of the Company&#8217;s products are sold to international markets, through the Company's main trading Company, Vale International
S.A. (&#8220;VISA&#8221;), a wholly owned subsidiary located in Switzerland.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company is engaged in greenfield
mineral exploration in six countries, including Brazil, USA, Canada, Chile, Peru and Indonesia. It also operates extensive logistics systems
in Brazil, Oman and other regions worldwide, including railways, maritime terminals, and ports integrated with mining operations. Additionally,
the Company has distribution centers to support its iron ore shipments globally.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Vale also holds investments in energy
businesses to meet part of its energy consumption needs through renewable sources.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company's operations are organized
into two operational segments: &quot;Iron Solutions&quot; and &quot;Energy Transition Metals&quot; (note 4).</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Iron Solutions &#8211;</B></FONT>
<FONT STYLE="color: #242424">Comprise iron ore extraction and iron ore pellets and briquettes production. </FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: teal">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Iron ore. </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">Currently,
Vale operates three systems in Brazil for the production and distribution of iron ore. The Northern System (Caraj&aacute;s, State of Par&aacute;,
Brazil) is fully integrated and comprises three mining complexes, a railway and a maritime terminal. The Southeast System (Quadril&aacute;tero
Ferr&iacute;fero, Minas Gerais, Brazil) is fully integrated, consisting of three mining complexes, a railway, a maritime terminal, and
a port. The Southern System (Quadril&aacute;tero Ferr&iacute;fero, Minas Gerais, Brazil) consists of two mining complexes and two maritime
terminals. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: teal">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Iron
ore pellets and other ferrous product</B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">.
Currently, Vale has a diversified portfolio of agglomerates, which includes iron ore pellets and briquettes. Vale operates eight pelletizing
plants in Brazil and two in Oman. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 3pt 0.6in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Energy Transition Metals
&#8211;</B></FONT> <FONT STYLE="color: #242424">Includes the production of nickel, copper and its by-products.</FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #00807A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Nickel.</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">The Company's primary nickel operations
are conducted by Vale Canada Limited (&quot;Vale Canada&quot;), which owns mines and processing plants in Canada and Brazil and nickel
refining facilities in the United Kingdom and Japan. Vale also holds investments in nickel operations in Indonesia. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: teal">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Copper.</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">In Brazil, Vale produces copper concentrates at Sossego
and Salobo operations, in Caraj&aacute;s, State of Par&aacute;. In Canada, Vale produces copper concentrates and copper cathodes associated
with its nickel mining operations in Sudbury (located in Ontario) and Voisey&#8217;s Bay (located in Newfoundland and Labrador). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: teal">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Other
                                                                                                                                                 Energy Transition Metals.</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">The ore extracted
                                                                                                                                                 by Vale Canada in Sudbury yields cobalt, PGMs (Platinum Group Metals), silver, and gold as by-products, which are processed at
                                                                                                                                                 refining facilities in Port Colborne, Ontario. In Canada, Vale also produces refined cobalt at its Long Harbour facilities in
                                                                                                                                                 Newfoundland and Labrador. The copper operations in Sossego and Salobo in Brazil also yield silver and gold as by-products. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_010"></A>2. Basis of preparation of condensed consolidated interim
financial statements</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The consolidated and individual interim
financial statements (equivalent to condensed interim financial statements) of the Company (&#8220;interim financial statements&#8221;)
were prepared and are statements in accordance with CPC 21 &#8211; Statement issued by the Accounting Pronouncements Committee (&#8220;CPC&#8221;),
in accordance with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (&#8220;IASB&#8221;).
All material information for the interim financial statements, and only this information, are presented and consistent to those used by
the Company's Management.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The interim financial statements
have been prepared to update users on the relevant events and transactions that occurred in the period and must be read together with
the financial statements for the year ended December 31, 2024. All accounting policies, accounting estimates and judgments, risk management
and measurement methods are the same as those adopted in the preparation of the latest annual financial statements.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">These interim financial statements
were authorized for issue by the Board of Directors on October 30, 2025.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Statement of Value Added </B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The presentation of the parent company
and consolidated statements of value added is required by the Brazilian corporate legislation and the accounting practices adopted in
Brazil for listed companies, while it is not required by IFRS. Therefore, under the IFRS, the presentation of such statements is considered
supplementary information, and not part of the set of financial statements. The Statement of Value Added was prepared in accordance with
the criteria defined in Technical Pronouncement CPC 09 - &quot;Statement of Value Added&quot;.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>b) Functional currency and presentation
currency</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The interim financial statements
of the Company and its associates and joint ventures are measured using the currency of the primary economic environment in which each
entity operates (&#8220;functional currency&#8221;), in the case of the Parent Company it is the Brazilian real (&#8220;R$&#8221;). For
presentation purposes, these interim financial statements are presented in the United States dollars (&#8220;US$&#8221;) as the Company
believes that this is how international investors analyze the financial statements.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The main exchange rates used by the
Company to translate its foreign operations are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Average
    rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Closing
    rate</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month
    period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month
    period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 22%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>September
    30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 13%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December
    31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">US
    Dollar (&quot;US$&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5.3186&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6.1923&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5.4488&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5.5454&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5.6502&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5.2445&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Canadian
    dollar (&quot;CAD&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3.8186&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4.3047&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3.9574&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4.0660&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4.0413&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3.8549&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Euro
    (&quot;EUR&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6.2414&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6.4363&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6.3679&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6.0918&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6.3188&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5.7036&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><FONT STYLE="font-size: 10pt"><B>c)
</B></FONT><B><FONT STYLE="font-size: 11pt">Tariffs applied by the United States of America</FONT></B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company is subject to external
risk factors related to its operations and its customer portfolio and supply chain profile.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In February 2025, the President of
the United States of America (&quot;USA&quot;) signed an executive order imposing tariffs on products from several countries. The program
establishes country-specific import tariffs, based on a minimum rate of 10%, a level at which Brazil was set.</P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">In July 2025, the U.S. government
issued an executive order that added a 40% tariff on top of the existing 10% rate applied to Brazil. However, this new 40% tariff was
partially waived for various imports, including products exported by Vale to the U.S. market. Although the Company's sales to USA are
not relevant, Vale is monitoring developments and, until this date the Company does not expect any significant effects on its operations
or cash flows.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_011"></A>3. Significant events and transactions related to the three-month
period ended September 30, 2025</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Participative
shareholders&#8217; debentures &#8211;</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">In
October 2025 (subsequent event), Vale approved the proposal for the optional acquisition of up to all of the outstanding participative
shareholders&#8217; debentures. The deadline for the debentures holders to manifest their sale intentions will close on October 31, 2025.
Further details are presented in note 20 of these interim financial statements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Divestment of Alian&ccedil;a
Gera&ccedil;&atilde;o de Energia S.A. (&#8220;Alian&ccedil;a&#8221;) &#8211;</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">In
September 2025, the Company completed the sale of a 70% stake in Alian&ccedil;a to Global Infrastructure Partners (&#8220;GIP&#8221;)
for R$4,616 (US$871 million). As a result, Alian&ccedil;a became an associate, and Vale recognized a loss of R$472 (US$89 million) in
the income statement for the three-month period ended September 30, 2025, as &#8220;Impairment and gains (losses) on disposal of non-current
assets, net&#8221;. Further details are presented in note 15(a) to these interim financial statements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Shareholder
remuneration &#8211;</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">In
July 2025, the Board of Directors approved shareholder remuneration in the amount of R$8,091 (US$1,448 million), which was paid in September
2025. Further details are presented in note 28(c) of these interim financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_012"></A>4. Information by business segment and geographic area</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company&#8217;s adjusted EBITDA
is defined as operating income or loss, including the EBITDA from interests in associates and joint ventures; and excluding (i) depreciation,
depletion, and amortization; and (ii) impairment and gains (losses) on disposal of non-current assets, net and other.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: teal 1pt solid; width: 28%; border-bottom: teal 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Segment</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 72%; border-bottom: teal 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Main activities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">Comprises the extraction and production of iron ore, iron ore pellets, other ferrous products, and its logistic related services.&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">Includes the extraction and production of nickel and its by-products (gold, silver, cobalt, and other metals), and copper, as well as its by-products (gold and silver). </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In addition, unallocated items to
the operating segment include corporate expenses, research and development of greenfield exploration projects, as well as expenses related
to the Brumadinho event and de-characterization of dams and asset retirement obligations.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Adjusted EBITDA</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Iron ore</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;18,587&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;15,770&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;45,797&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;44,188&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Iron ore pellets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,791&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,388&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;8,616&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;12,527&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other ferrous products and logistics services</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;226&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;533&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;925&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,359&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;21,604&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;20,691&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;55,338&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;58,074&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;631&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(366)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,965&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;280&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Copper</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,341&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,003&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9,567&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,235&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(202)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(260)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(510)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(772)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,770&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,377&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;11,022&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,743&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Unallocated items (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,609)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(2,019)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(5,259)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(4,916)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;23,765&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;20,049&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;61,101&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;57,901&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(4,136)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(4,148)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(12,657)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(11,825)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Impairment and gains (losses) on disposal of non-current assets, net and other (ii)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,831)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,831&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(6,919)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10,468&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">EBITDA from associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,591)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,344)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(4,425)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(3,667)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Operating income</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;15,207&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;20,388&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;37,100&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;52,877&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: -2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;877&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(3,174)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;853&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,974)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Financial results </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: -2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,857)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,072)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;329&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(10,865)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;14,227&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;15,142&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;38,282&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;40,038&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Includes income (expenses) from Vale
Base Metals Limited that were not allocated to the operating segment in the amount of R$(79) (US$(15) million) and R$(498) (US$(89) million)
for the three and nine-month period ended September 30, 2025, respectively. (2024: R$(115) (US$(20) million) and R$ (357) (US$ (66) million),
respectively).</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">(ii) Includes adjustments of R$835
(US$155 million) and R$2,724 (US$490 million) for the three and nine-month period ended September 30, 2025, respectively, (2024: R$510
(US$ 94 million) and R$ 1,288 (US$243 million), respectively), to reflect the performance of the streaming transactions at market prices.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>b) Net operating revenue by business
segment and geographic area</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy
    Transition Metals</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: white 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 28%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore pellets</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other ferrous products and logistics services</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nickel</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Net operating revenue</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">China (i)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;29,511&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;78&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;29,589&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;644&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;641&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;78&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,363&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;30,952&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Japan</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,550&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;411&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,963&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;425&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;425&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,388&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Asia, except Japan and China</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,777&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;363&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;49&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,189&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;766&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;980&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,747&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,936&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,322&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,817&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,019&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,158&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;80&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;30&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;110&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,268&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">United States of America</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;176&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;176&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,253&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;60&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,313&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,489&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;299&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;299&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;684&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;684&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;983&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Germany</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;394&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;141&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;535&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;411&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;732&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,147&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,682&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Europe, except Germany</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;939&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;117&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,056&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,134&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,793&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;140&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,067&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,123&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,846&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,846&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;34&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;34&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,880&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; border-left: white 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;38,493&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;6,248&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,070&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;45,811&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,431&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,146&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;313&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;10,890&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;56,701&#9;</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 10pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: teal 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: white 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 28%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore pellets</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other ferrous products and logistics services</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nickel</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Net operating revenue</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">China (i)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;25,755&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;25,755&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;759&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;522&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,282&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;27,037&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Japan</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,298&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;419&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,719&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;349&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;349&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;4,068&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Asia, except Japan and China</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,111&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;654&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,783&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;443&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;281&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;724&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;4,507&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,408&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2,410&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,018&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;4,836&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;85&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;52&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;137&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;4,973&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">United States of America</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;137&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;137&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,466&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,467&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,604&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;624&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;624&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;319&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;320&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;944&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Germany</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;457&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;340&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;797&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;455&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,031&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,487&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,284&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Europe, except Germany</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;798&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;281&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,079&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,087&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,886&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,973&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;4,052&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,468&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,468&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;41&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;41&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,509&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; border-left: white 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;34,827&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;8,333&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,038&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;44,198&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;5,004&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,721&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;55&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;8,780&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;52,978&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0 6.05pt 10pt 0; text-align: justify; color: #242424">i) Includes operating revenue
of China Mainland in the amount of R$30,456 (US$5,604 million) (2024: R$26,453 (US$4,770 million)) and Taiwan in the amount of R$496 (US$91
million) (2024: R$584 (US$105 million)).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-top: white 1pt solid; border-bottom: teal 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; border-bottom: white 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 28%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore pellets</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other ferrous products and logistics services</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nickel</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Net operating revenue</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">China (i)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;74,303&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;78&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;74,381&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,781&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,756&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;182&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,719&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;78,100&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Japan</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;8,319&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;746&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;9,071&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,036&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,036&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;10,107&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Asia, except Japan and China</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9,911&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,065&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;100&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;11,076&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,881&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,214&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;42&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,137&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;15,213&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,097&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,864&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,048&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;13,009&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;304&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;95&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;399&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;13,408&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">United States of America</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;873&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;873&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,675&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;214&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,889&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,762&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;841&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;842&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,251&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,251&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,093&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Germany</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,310&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;553&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,863&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,945&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,103&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;37&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,085&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;6,948&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Europe, except Germany</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,242&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;382&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,624&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,696&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,832&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;204&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;10,732&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;14,356&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7,688&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;7,688&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;244&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;244&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;7,932&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; border-left: white 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;101,182&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;18,090&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,155&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;122,427&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;16,813&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;13,905&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;774&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;31,492&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;153,919&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">&nbsp;</P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: white 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 29%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore pellets</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other ferrous products and logistics services</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nickel</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 7%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Net operating revenue</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">China (i)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;69,393&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;69,393&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,648&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2,294&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;156&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;4,098&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;73,491&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Japan</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;9,583&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,198&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;10,787&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,504&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,504&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;12,291&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Asia, except Japan and China</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;8,051&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,428&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;44&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;9,523&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,222&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;489&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,711&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;11,234&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;4,463&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;7,131&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2,637&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;14,231&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;186&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;72&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;258&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;14,489&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">United States of America</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;659&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;659&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,368&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;103&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,471&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;4,130&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,782&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,782&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,649&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;504&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,153&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,935&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Germany</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,259&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;767&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,026&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,352&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2,015&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,368&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;5,394&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Europe, except Germany</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,370&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;539&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,909&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2,610&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;4,926&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;103&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;7,639&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;11,548&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;33&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;9,944&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;9,977&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;115&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;115&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;10,092&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; border-left: white 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;96,152&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;23,448&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,687&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;122,287&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;13,654&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;10,228&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;435&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;24,317&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;146,604&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">(i) Includes operating revenue of
China Mainland in the amount of R$76,547 (US$ 13,635 million) (2024: R$70,726 (US$13,438 million)) and Taiwan in the amount of R$1,553
(US$275 million) (2024: R$2,765 (US$534 million)).</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">No customer individually represented
10% or more of the Company&#8217;s revenues in the periods presented above.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>c) Costs of goods and services
rendered by business segment</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nine-month period ended September 30</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; width: 48%; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 13%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Iron Ore</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19,969</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18,693</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">55,504</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50,661</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Iron Ore Pellets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,690</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,148</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10,221</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11,482</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other ferrous products and logistics services</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">992</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">756</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,585</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,106</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>24,651</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>23,597</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>68,310</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>64,249</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,739</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,198</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14,470</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12,835</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Copper</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,375</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,028</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,628</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,701</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">322</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">53</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">753</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">482</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,436</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,279</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>21,851</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>19,018</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Depreciation, depletion and amortization</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,990</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,951</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>12,148</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11,288</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Cost of goods sold and services rendered</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>36,077</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>34,827</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>102,309</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>94,555</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>d) Assets by geographic area</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; width: 26%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 9%; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Intangible</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 9%; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 9%; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Intangible</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;14,392&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;49,029&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;180,028&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;243,449&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;12,670&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;54,781&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;177,757&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;245,208&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9,122&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;51,403&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;60,525&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10,315&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;58,533&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;68,848&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Americas, except Brazil and Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;21&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;21&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;21&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;21&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Indonesia </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9,931&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;340&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;10,271&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11,676&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;376&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;12,052&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;16&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;22&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;25&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;28&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Asia, except Indonesia and China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,397&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,398&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,046&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,048&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Europe</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,085&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,085&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,647&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,648&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Oman</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,111&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,622&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,735&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,812&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,189&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;7,004&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;27,434&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;58,160&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;240,912&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;326,506&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>28,158</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>65,105</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>247,594</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>340,857</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><A NAME="a_013"></A><B>5. Costs and expenses by nature</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Cost of goods sold, and services
rendered</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 39%; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 17%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 15%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Services</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7,056&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,303&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;19,783&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;17,668&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Freight</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7,386&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7,273&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;19,789&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;18,109&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,990&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,951&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;12,148&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11,288&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Personnel</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,039&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,920&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11,985&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10,227&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Materials</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,115&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,872&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11,818&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10,805&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Acquisition of products</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,775&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,262&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10,565&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7,702&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Royalties </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,865&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,801&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,106&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,045&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Fuel oil and gas </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,643&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,877&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,824&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,599&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;849&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;930&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,339&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,584&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,359&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,638&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,952&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,528&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;36,077&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;34,827&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;102,309&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;94,555&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>b) Selling and administrative
expenses</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 60%; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Personnel</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;356&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;280&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,047&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;885&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Services</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;221&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;208&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;564&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;609&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;86&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;73&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;268&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;174&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;195&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;209&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;566&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;515&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;858&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;770&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,445&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,183&#9;</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>c) Other operating expenses, net</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 45%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 11%; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 11%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 11%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 11%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 11%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Expenses related to Brumadinho event</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(430)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(695)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,574)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,556)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Reversal in provisions related to de-characterization of dam and asset decommissioning obligation, net</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;298&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;32&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;592&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;775&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Provision for litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">26(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(691)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(222)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,212)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(737)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Profit sharing program</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(175)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(140)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(536)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(770)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Expenses related to socio-environmental commitments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(153)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(365)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(426)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(607)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(317)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(387)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,077)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,601)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,468)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,777)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(4,233)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(4,496)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>


<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_014"></A>6. Financial results</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 57%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 7%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Financial income</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Short term investments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;656&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;481&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,767&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,272&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;159&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;232&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;363&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;385&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;815&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;713&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,130&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,657&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Financial expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Loans and borrowings interest</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9(c)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,406)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,095)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(4,001)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,975)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Bond premium repurchase</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9(c)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(275)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(254)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(275)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest on supplier finance arrangements</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(75)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(225)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(548)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(681)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest on REFIS</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(126)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(117)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(366)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(378)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Taxes on financial income</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(95)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(35)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(301)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(118)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Banking expenses</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(119)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(72)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(274)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(450)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest on lease liabilities</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;22&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(44)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(73)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(133)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(214)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(297)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(177)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(797)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(560)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(2,162)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(2,069)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(6,674)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(5,651)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Foreign exchange and indexation losses, net</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,064)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,580)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,902)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(4,807)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Participative shareholders' debentures </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;20&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(803)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;509&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,221)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;72&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments, net</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,357&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;355&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;8,996&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,136)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(510)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(716)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;4,873&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(6,871)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,857)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(2,072)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;329&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(10,865)</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_015"></A>7. Taxes</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In December 2021, the Organization
for Economic Co-operation and Development (&#8220;OECD&#8221;) released the Pillar Two model rules to reform international corporate taxation.
Multinational economic groups within the scope of these rules are required to calculate their effective tax rate in each country where
they operate, the &#8220;GloBE effective tax rate&#8221;.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">When the effective GloBE rate of
any entity in the economic group, aggregated by jurisdiction where the group operates, is lower than the minimum rate defined at 15%,
the multinational group must pay a supplementary amount of tax on profit, referring to the difference between its rate effective GloBE
and the minimum tax rate.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company is subject to OECD Pillar
Two model rules in Australia, Brazil, Canada, Indonesia, Japan, Luxembourg, Malaysia, Netherlands, Singapore, Switzerland and United Kingdom.
Therefore, the impacts from Pilar Two are already being considered on the calculation of income tax for these jurisdictions.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">However, the Company does not expect
material impacts on the calculation of income tax or on the financial statements for the current and future periods, from the application
of the Pillar Two rules currently in effect.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company applied the relief from
the requirement to recognize and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar
Two model rule, according to IAS 12 &#8211; Income taxes.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Income tax reconciliation</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Income tax expense is recognized
based on the estimate of the weighted average effective tax rate expected for the full year, adjusted for the tax effect of certain items
that are recognized in full on the interim tax calculation. Therefore, the effective tax rate in the interim financial statements may
differ from management&#8217;s estimate of the effective tax rate for the year. The reconciliation of the taxes calculated according to
the nominal tax rates and the amount of taxes recorded is shown below:</P>

<P STYLE="font: 10pt/132% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 55%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;14,227&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;15,142&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;13,855&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;15,352&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Income taxes at statutory rate (34%)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(4,837)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(5,148)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(4,711)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(5,220)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Adjustments that affect the taxes basis:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Tax incentives</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,627&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,432&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,166&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,300&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest on capital</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,504&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,054&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,346&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,054&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Addition of tax loss carryforward related to prior periods</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;828&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,356&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;515&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;789&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Unrecognized tax losses of the current period</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(51)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(133)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Provision related to the Samarco </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">24</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(59)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,864)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(59)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,864)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Tax effects arising from divestments and acquisitions, net</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;73&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,834&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;73&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;576&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Equity results</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;271&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;146&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,230&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,546&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Effects on tax computation of foreign operations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;150&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(512)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;42&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(23)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Deduction of CSLL in Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7(d)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;688&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;688&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;250&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(36)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;472&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(124)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;444&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,871)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;762&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,966)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current tax</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,596&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,775)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,229&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,082)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Deferred tax</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,152)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(96)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,467)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(884)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Income taxes </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;444&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,871)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;762&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,966)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 55%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;38,282&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;40,038&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;38,012&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;43,707&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes at statutory rate (34%)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(13,016)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(13,613)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(12,924)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(14,860)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Adjustments that affect the taxes basis:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tax incentives</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;4,731&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,692&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,447&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,432&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on capital</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;4,072&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2,683&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,648&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2,683&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Addition (reduction) of tax loss carryforward related to prior periods</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,483&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2,580&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;329&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(411)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Unrecognized tax losses of the current period</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(460)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(461)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provision related to the Samarco </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">24</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(633)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,916)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(633)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,916)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tax effects arising from divestments and acquisitions, net</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(698)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,765&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(698)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;576&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;567&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;463&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2,401&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,400&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effects on tax computation of foreign operations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(298)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(621)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(23)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deduction of CSLL in Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;688&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;688&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;313&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(421)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;592&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(319)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(3,251)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(3,849)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(3,150)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(7,438)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current tax</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,129)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(8,766)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;563&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(6,952)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred tax</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(2,122)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;4,917&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(3,713)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(486)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(3,251)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(3,849)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(3,150)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(7,438)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>b) Deferred income tax assets
and liabilities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 58%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Assets</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 14%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 14%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Deferred taxes, net</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;51,050&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,757&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;48,293&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Effect in income statement</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,510)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(395)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,115)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer between assets and liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(232)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(232)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(969)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(88)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(881)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer to held for sale (Energy Assets)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(55)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,694)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,639&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;47,288&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;350&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;46,938&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;46,307&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,210&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;42,097&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Effect in income statement</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,773&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,144)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,917&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,672&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;28&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,644&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer between assets and liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;299&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;299&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;772&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;155&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;617&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Incorporations, acquisitions and divestments</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,712&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,733)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;53,802&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,260&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;48,542&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>c) Income taxes - Settlement program
(&quot;REFIS&quot;)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 70%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 15%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 15%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current liabilities </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,289&#9;</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,184</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,815&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,234</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>REFIS liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;7,104&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,418</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>SELIC rate</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;15.00&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;12.25&#9;%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The balance mainly relates to the
settlement program of claims regarding the collection of income tax and social contribution on equity gains of foreign subsidiaries and
associates from 2003 to 2012. This amount bears SELIC interest rate (Special System for Settlement and Custody) and will be paid in monthly
installments until October 2028 and the impact of the SELIC over the liability is recorded under the Company&#8217;s financial results
(note 6).</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>d) Uncertain tax positions (&quot;UTP&quot;)</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The amount under discussion with
the tax authorities is R$40,538 (US$7,623 million) as of September 30, 2025 (December 31, 2024: R$36,773 (US$5,939 million) which may
reduce tax losses by R$3,693 (US$694 million) as of September 30, 2025 (December 31, 2024: R$3,693 (US$596 million)), if the tax authority
does not accept the tax treatment adopted by the Company in relation to these matters.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 38%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Assessed (i)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Potential (ii)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Assessed (i)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Potential (ii)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>UTPs not recorded on statement of financial position (iii)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer pricing over the exportation of ores to a foreign subsidiary</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;22,300&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10,096&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;32,396&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;20,974&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9,958&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;30,932&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Expenses of interest on capital </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;8,356&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;8,356&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7,814&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;7,814&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Proceeding related to income tax paid abroad </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,792&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,792&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,642&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,642&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Goodwill amortization </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,932&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;422&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,354&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,603&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;386&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,989&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments to Renova Foundation (iv)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,763&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,525&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,288&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,865&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,171&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,036&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,088&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,088&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,568&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,568&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;44,231&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;12,043&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;56,274&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;40,466&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;12,515&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;52,981&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>UTPs recorded on statement of financial position</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Deduction of CSLL in Brazil (v)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">952</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>952</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>952</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>952</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Includes the tax effects arising from
the reduction of the tax losses and negative basis of the CSLL without fines and interest.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(ii) Includes the principal, without fines
and interest.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(iii) Based on the assessment of its internal
and external legal advisors, the Company believes that the tax treatment adopted for these matters will be accepted in decisions of the
higher courts on last instance.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(iv) In October 2025 (subsequent event),
the Company received a tax assessment notice related to the 2020 fiscal year, in the amount of R$1,775 (US$334 million).</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #242424">(v) Based on an administrative
decision issued by the Brazilian Administrative Council of Tax Appeals (CARF) in July 2025, the amount was partially settled (R$297 (US$56
million)), while the remaining balance (R$688 (US$128 million)) was reversed from liabilities, impacting the &#8220;income taxes&#8221;
line in the results for the three- and nine-month periods ended September 30, 2025</FONT><FONT STYLE="color: #FF0090">.</FONT></P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>e) Recoverable and taxes payables</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Current assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Non-current assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Current liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Value-added tax (&quot;ICMS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,473&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,609&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;100&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;323&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;211&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazilian federal contributions (&quot;PIS&quot; and &quot;COFINS&quot;) </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;932&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,646&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,656&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,036&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;16&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;90&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Income taxes</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,073&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,490&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,664&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,975&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,656&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,961&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Financial compensation for the exploration of mineral resources (&quot;CFEM&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;367&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;387&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;75&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;66&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;698&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;910&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;6,553&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;6,811&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;9,420&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;8,030&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,060&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,559&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_016"></A>8. Basic and diluted earnings per share</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The basic and diluted earnings per
share are presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 15%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 15%; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 15%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 15%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net income attributable to Vale S.A.'s shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;14,617&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;13,386&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;34,862&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;36,269&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Thousands of shares </B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Weighted average number of common shares outstanding</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,268,779&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,269,495&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,268,773&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,276,804&#9;</FONT></TD></TR>

  <TR>
    <TD STYLE="width: 40%; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; letter-spacing: -0.3pt; line-height: 120%">Weighted average number of common shares outstanding and potential ordinary shares</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;4,274,808&#9;</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,274,508&#9;</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;4,274,801&#9;</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,281,816&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Earnings per share</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Basic earnings per share (R$)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3.42&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">3.14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;8.17&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">8.48</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Diluted earnings per share (R$)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3.42&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">3.14</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;8.16&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">8.48</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_017"></A></B></P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>9. Cash flows reconciliation</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Cash flow from operating activities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 10%; border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 10%; border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 10%; border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Cash flow from operating activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;38,282&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;40,038&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;38,012&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;43,707&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Adjusted for:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Equity results from subsidiaries </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8212;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(5,372)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(8,637)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Equity results and other results in associates and joint ventures </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(853)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,974&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(853)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,974&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Impairment and gains (losses) on disposal of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(a), 15(b), 16 and 17</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,195&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(11,756)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,254&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;500&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Changes in estimates related to the provision of Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">23</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;302&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;148&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;302&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;148&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Changes in estimates related to the provision of de-characterization of dams</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(649)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(682)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(649)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(682)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;12,657&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11,825&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;8,036&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7,422&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Financial results, net </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(329)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10,865&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,256&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10,048&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Changes in assets and liabilities:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">10</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(32)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,068&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9,116&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(4,351)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Inventories </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">11</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(4,192)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,959)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(131)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;810&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">12</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,332&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,972&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,677&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,658&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other assets and liabilities, net</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(3,114)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(6,964)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(4,236)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,792&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Cash flow from operations </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;50,599&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;49,529&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;51,412&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;54,389&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Cash flow from investing activities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Parent company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Proceeds from partial disposal of Alian&ccedil;a shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,332&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,332&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Cash paid for the acquisition of Alian&ccedil;a shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,737)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,737)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Proceeds from partial disposal of VODC shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,325&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Proceeds from the partial disposal of PTVI shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(c)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;862&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Proceeds from the partial disposal of VBML shares</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(d)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;12,697&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Cash received (paid) from disposal and acquisition of investments, net</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,332&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;14,147&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,332&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(2,737)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><FONT STYLE="font-size: 10pt"><B>c)
</B></FONT><B><FONT STYLE="font-size: 11pt">Reconciliation of cash flows from liabilities arising from financing activities</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 38%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 15%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Quoted in the secondary market</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 15%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Other debt contracts in Brazil</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 18%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Other debt contracts on the international market</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 14%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;52,879&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,088&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;36,631&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;91,598&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10,324&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;13,937&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;24,261&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,079)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(183)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(5,910)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(8,172)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest paid (i)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2,128)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(117)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,690)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(3,935)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;6,117&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(300)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;6,337&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;12,154&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer to held for sale (Energy Assets)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,206)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(170)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,376)&#9;</FONT></TD></TR>

  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; width: 38%; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of exchange rate</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; width: 15%; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(6,506)&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; width: 15%; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(97)&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; width: 18%; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(5,461)&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; width: 14%; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(12,064)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest accretion</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,016&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;69&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,501&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;4,586&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-cash changes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(4,696)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(198)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(3,960)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(8,854)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;54,300&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,590&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;39,008&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;94,898&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;36,182&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,211&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;22,982&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;60,375&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;5,389&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;10,108&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;15,497&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(5,650)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(183)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(6,039)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(11,872)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest paid (i)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,941)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(81)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,359)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(3,381)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(2,202)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(264)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,710&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;244&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of exchange rate</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;4,543&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,218&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;7,761&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest accretion</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,951&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;82&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,342&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,375&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-cash changes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;6,494&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;82&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;4,560&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;12,496&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;40,474&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,029&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;30,252&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;73,115&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Classified as operating activities
in the statement of cash flows.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B></B></P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Fundings in 2025</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In the third quarter
of 2025, the Company contracted loans of R$5,586 (US$1,011 million) indexed to SOFR or LPR adjusted for spread adjustments with maturities
between 2028 and 2030.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In the second quarter
of 2025, the Company (i) contracted loans of R$3,324 (US$597 million), indexed to SOFR plus spread adjustments, with maturities between
2026 and 2030, and (ii) issued debentures of R$6,000 (US$1,080 million), indexed to IPCA plus 6.76% to 6.89% per year, paid semi-annually.
The issuance was structured in three series of R$2,000 (US$360 million) each, maturing in 2032, 2035, and 2037. The proceeds will be used
in infrastructure investment projects related to railway concessions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In the first quarter
of 2025, the Company (i) contracted loans of R$5,025 (US$861 million) indexed to SOFR plus spread adjustments with maturities between
2026 and 2029, and (ii) issued bonds of R$4,324 (US$750 million) with a coupon of 6.40% per year, payable semi-annually, and maturing
in 2054.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>Payments in 2025</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In the third quarter
of 2025, the Company settled loans of R$2,490 (US$449 million).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In April 2025, the
Company paid interest on debentures in the amount of R$164 (US$28 million).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In March 2025, the Company settled loans of R$862
(US$150 million) and redeemed notes maturing in 2034, 2036, and 2039 in the total amount of R$1,890 (US$329 million) and paid a premium
of R$254 (US$44 million), recorded as &#8220;Bond premium repurchase&#8221; in the financial results of the period.<BR>
<BR>
</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Fundings in 2024</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In the third quarter
of 2024, the Company contracted loans of R$5,330 (US$962 million) indexed to SOFR plus spread adjustments with maturities between 2027
and 2029.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In the second quarter of 2024, the Company (i) issued bonds of R$5,389
(US$1 billion) with a coupon of 6.45% per year, payable semi-annually, and maturing in 2054 and (ii) contracted a loan of R$451 (US$90
million) with the Canadian Imperial Bank of Commerce (&#8220;CIBC&#8221;) indexed to SOFR plus spread adjustments and maturing in 2024.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In the first quarter of 2024, the Company contracted
loans of R$4,326 (US$870 million) indexed to SOFR plus spread adjustments with maturities between 2024 and 2035.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>Payments in 2024</B></P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In the third quarter of 2024, the Company (i) settled loans of R$3,368
(US$599 million) and (ii) redeemed notes with maturity date in 2026, 2036 and 2039, in the total amount of R$5,251 (US$970 million) and
paid a premium of R$275 (US$50 million), recorded as &#8220;Bond premium repurchase&#8221; in the financial results of the period. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In January 2024, the Company paid principal
and interest of debentures, in the amount of R$226 (US$46 million).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 3pt 17pt; text-align: justify; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>d) Non-cash transactions</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 12%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Non-cash transactions:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions to PP&amp;E with capitalized loans and borrowing costs</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">100</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;125&#9;</FONT></TD>

    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">100</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;125&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_018"></A>10. Accounts receivable</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 54%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Receivables from contracts with customers</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Third parties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Iron Solutions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8,717&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9,536&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,668&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,339&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,313&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,880&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;85&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;121&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;68&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;75&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Related parties</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">29(b)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;506&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;385&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;15,810&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;26,329&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,621&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;14,922&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;17,546&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;28,743&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Expected credit loss</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(293)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(322)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(87)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(80)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Accounts receivable, net</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,328&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;14,600&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;17,459&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;28,663&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 12pt 0pt 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Provisionally priced commodities
sales -</B></FONT> <FONT STYLE="color: #242424">The Company is mainly exposed to iron ore and copper price risk. The determination of
the final sales price for these commodities is based on the pricing period outlined in the sales contracts, typically occurring after
the revenue recognition date. Consequently, the Company initially recognizes revenue using a provisional invoice. Subsequently, the receivables
associated with provisionally priced products are measured at fair value through profit or loss (note 19). Any fluctuations in the value
of these receivables are reflected in the Company's net operating revenue.</FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The sensitivity of the Company&#8217;s
risk related to the final settlement of provisionally priced accounts receivable is detailed below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Thousand metric tons</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Provisional price (US$/ton)</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Variation</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Effect on revenue (R$ million)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Iron ore</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;23,334&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;104&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">+-10%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">+- 1.319</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Copper</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;58&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9,675&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">+-10%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">+- 321</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_019"></A>11. Inventories</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30, 2025</B></P></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30, 2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Finished products</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>

  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 60%; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Iron Solutions</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 10%; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;15,938&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 10%; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;15,435&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 10%; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,279&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 10%; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,355&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,749&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,535&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;19,687&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;18,970&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;5,279&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;5,355&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Work in progress</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,986&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,282&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Consumable inventory</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,934&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,119&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,822&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,733&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Net realizable value provision (i)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(858)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(116)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total of inventories</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;29,607&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;28,513&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;8,101&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;7,975&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) In the nine-month period ended September
30, 2025, the effect of provision for net realizable value was R$450 (US$81 million) (2024: R$354 (US$69 million)).</P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_020"></A>12. Suppliers and contractors</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 54%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30, 2025</B></P></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30, 2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Third parties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;28,344&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;24,797&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;16,579&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,398&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Related parties </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">29(b)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,710&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,420&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,257&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;888&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;30,054&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;26,217&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;17,836&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;15,286&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The financial liabilities presented
as Suppliers and contractors in the Company's statement of financial position represent the outstanding balance of invoices with suppliers
for purchases of goods and services, being the average due date usually approximately 60 days.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company enters into supplier
finance arrangements (&quot;Arrangements&quot;) as part of the working capital strategy used in the Company's usual operating cycle, being
the payment term extension limited to a short-term period. The Company is also party in agreements structured so that certain suppliers
can advance their receivables with Vale due to purchases of materials and services, without any type of change in value or payment terms
for the Company. These supplier finance arrangements continue to be presented as suppliers in the Company's statement of financial position,
as the terms and conditions of the original liabilities were not substantially modified. The carrying amount related to these transactions
is shown below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal; line-height: 112%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal; line-height: 112%"><B>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 54%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; width: 11%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/112% Vale Sans,sans-serif; margin: 1.15pt 0 0; text-align: right; color: teal"><B>September 30,</B></P>
    <P STYLE="font: 8pt/112% Vale Sans,sans-serif; margin: 0 0 1pt; text-align: right; color: teal"><B>2025</B></P></TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: top; width: 13%; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal; line-height: 112%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/112% Vale Sans,sans-serif; margin: 1.15pt 0 0; text-align: right; color: teal"><B>September 30,</B></P>
    <P STYLE="font: 8pt/112% Vale Sans,sans-serif; margin: 0 0 1pt; text-align: right; color: teal"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal; line-height: 112%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 112%">Carrying amount of accounts payable included in the Arrangements of which suppliers have already received payment </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7,160&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8,313&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,107&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,816&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 112%">Carrying amount of accounts payable included in the Arrangements of which suppliers have not yet received payment</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;36&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 112%"><B>Total carrying amount relating to Arrangements with suppliers and contractors</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;7,160&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;8,349&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;6,107&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;6,816&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Financial charges related to the
increase in payment terms are recognized in the financial results as interest on supplier finance arrangements (note 6). The financial
charges recognized in the income statement for the nine-month period ended September 30, 2025 and 2024 due to the Arrangements totaled,
respectively, R$548 (US$ 96 million) and R$681 (US$ 131 million).</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_021"></A>13. Other financial assets and liabilities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Current</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Non-Current</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 13%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 51%; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Other financial assets</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 6%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 13%; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 10%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 10%; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 10%; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Restricted cash</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;46&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;78&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,928&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;331&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,467&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;91&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Investments in equity securities </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;306&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;337&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Loans - Related parties</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">29(b)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;406&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;389&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;923&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,334&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;331&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,208&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,429&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Other financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;491&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,220&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;465&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,650&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial liabilities - Related parties </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">29(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,039&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,803&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Liabilities related to the concession grants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">13(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,575&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,895&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,071&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,684&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,197&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,637&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;199&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;5,302&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;9,555&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;11,537&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;14,533&#9;</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Current</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Non-Current</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 54%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Other financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Restricted cash</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;27&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;24&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,369&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;194&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,113&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;35&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Investments in equity securities </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;113&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;120&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,369&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;194&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,253&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;179&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Other financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;406&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,124&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;342&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,491&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pre-export payments - Related parties </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">29(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;24,652&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,731&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;38,241&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;58,976&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial liabilities - Related parties </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">29(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,765&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,380&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Liabilities related to the concession grants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">13(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,575&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,895&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,071&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,684&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;30,398&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;22,144&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;49,655&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;73,152&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Liabilities related to the concession grants</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Discount rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Changes in estimates</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Monetary and present value adjustments</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Disbursements</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Remaining term of obligations</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Payment obligation</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,924&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;12&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;439&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(235)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7,140&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7.26% - 11.04%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7.32% - 11.04%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">32 years</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Infrastructure investment</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7,655&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;99&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;425&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,673)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,506&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6.99% - 8.34%</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7.43% - 8.12%</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">8 years</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;14,579&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;111&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;864&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,908)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,646&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,895&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,575&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,684&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,071&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;14,579&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,646&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In December 2020, the Company entered
into an agreement with the Federal Government to continue operating its concessions of the Estrada de Ferro Caraj&aacute;s (&#8220;EFC&#8221;)
and Estrada de Ferro Vit&oacute;ria a Minas (&#8220;EFVM&#8221;) for thirty years more, extending the maturity date from 2027 to 2057.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Later, in January 2024, responding
to a request from the Ministry of Transportation, Vale, the National Land Transport Agency (&#8220;ANTT&#8221;), and the Brazilian Federal
Government, resumed discussions on the general conditions for concession contracts and on December 30, 2024, the general basis for the
renegotiation were agreed, aiming to promote the modernization and update of the existing contracts. This process was subject to evaluation
and approval by the competent authorities, and its conformation would occur through a consensual solution discussed with the bodies involved
at the Brazilian Federal Accounts Court.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As part of these general bases, Vale
committed to a maximum global contribution of approximately R$11,031 (US$1,809 million)<FONT STYLE="background-color: white">, </FONT>for
the EFC and EFVM&#8217;s asset base review, the optimization of contractual obligations and investments replanning.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As a consequence of the new conditions
of the general bases, the Company recognized, on December 31, 2024, an addition of R$1,559 (US$256 million) in provision, which reflected
the revised estimates regarding the amount of future disbursements required to fulfill the new contractual obligations of the railway
concessions. Additionally, the liability was reduced by R$4,000 (US$656 million) due to the advanced payment made by Vale, ahead of the
previously planned cash flow.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">However, on August 28, 2025, within
the context of the consensual solution conducted by the Brazilian Federal Accounts Court, the parties were unable to reach consensus within
the established deadline.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Despite ongoing discussions, the
concession contracts remain in effect, the Company continues to comply with the established obligations, and remains committed to the
general terms defined in the agreement signed on December 30, 2024. The Company believes its provisions remain sufficient to comply with
the obligations related to the concessions; therefore, no revision was made in its balances.</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_022"></A>14. Investments in associates and joint ventures</B></P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 27%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Business</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 7%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>% ownership</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 5%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Additions and capitalizations</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 7%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Equity results in income statement</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Dividends declared</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 7%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Transfer to assets held for sale (note 15a)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 7%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value remeasurement</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 4%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Direct subsidiaries</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>In Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A. (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Energy</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">100.00</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,995&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;297&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(5,618)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(674)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Companhia Portu&aacute;ria da Ba&iacute;a de Sepetiba</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Iron ore</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">100.00</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;557&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;134&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;27&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;718&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Minera&ccedil;&otilde;es Brasileiras Reunidas S.A.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Iron ore</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">100.00</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,401&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;102&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(20)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,483&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Minera&ccedil;&otilde;es Brasileiras Reunidas S.A. &#8211; Goodwill</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,060&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,060&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Tecnored Desenvolvimento Tecnol&oacute;gico S.A.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Iron ore</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">100.00</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;133&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;133&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(81)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;185&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Valepar &#8211; Goodwill</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,073&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,073&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;865&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;274&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(66)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;195&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,268&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Abroad</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Vale Holdings B.V.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Holding</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">100.00</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;108,208&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,171&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(11,283)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;485&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;102,581&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;290&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;185&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(185)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(39)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;251&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;124,582&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;592&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;5,372&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(20)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(11,322)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(5,618)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;33&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;113,619&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>In Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A. (ii)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Energy</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">30.00</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,262&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,262&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es S.A.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Energy</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">51.00</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;459&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(77)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;382&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Anglo American Min&eacute;rio de Ferro do Brasil S.A.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Iron ore</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15.00</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,104&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;452&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(259)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(634)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,671&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pellets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">50.00</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;468&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;53&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(36)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;485&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pellets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">50.89</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;257&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;28&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;264&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pellets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">50.90</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;377&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;24&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;30&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;431&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pellets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">51.00</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;800&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;92&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;894&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Samarco Minera&ccedil;&atilde;o S.A. (note 24)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pellets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">50.00</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Logistics</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">49.01</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,659&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;602&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,262&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">VLI S.A.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Logistics</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">29.60</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,111&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;394&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(92)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,414&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;435&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(123)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;327&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Abroad</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">PT Vale Indonesia Tbk</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">33.88</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,676&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(39)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(67)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,639)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9,931&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Vale Oman Distribution Center</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Logistics</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">50.00</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,812&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;135&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(305)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(531)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,111&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Consolidated total investment</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;28,158&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;15&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,675&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(784)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(2,804)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,262&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(88)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;27,434&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Parent Company's total investment</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;152,740&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;607&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;7,047&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(804)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(14,126)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(5,618)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,262&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(55)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;141,053&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other results in investments (iii)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(822)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>

  <TR>
    <TD STYLE="border-top: #007E79 1pt solid; width: 27%; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Equity results and other results</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 8%; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 7%; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 5%; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 8%; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 7%; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;6,225&#9;</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 6%; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 7%; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 8%; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 7%; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 4%; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 6%; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) The value presented in the column
&quot;Other&quot; refers to the impairment loss in the amount of R$674 (US$117 million), allocated to goodwill on the investment in Alian&ccedil;a
Gera&ccedil;&atilde;o de Energia S.A. (note 15a).</P>

<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(ii) It refers to the remeasurement
at fair value of the remaining stake held by Vale on Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A., after the closing of the
divestment transaction (notes 15a).</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(ii) It refers substantially to the addition
in the provision related to Samarco dam failure (note 24b).</P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_023"></A>15. Acquisitions and divestitures</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Effects on the income statement</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 15%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 15%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 15%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 15%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(a) and 16</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(472)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,693&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,146)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,693&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Vale Oman Distribution Center</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,776&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,776&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">PT Vale Indonesia Tbk</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(c)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,710&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(472)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;8,469&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,146)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;14,179&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/11.5pt Vale Sans,sans-serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>a) Divestment
of Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A. (&#8220;Alian&ccedil;a&#8221;) &#8211; </B></FONT><FONT STYLE="color: #242424">In
March 2024, the Company entered into an agreement with Cemig GT to acquire its 45% stake in Alian&ccedil;a. The decision was taken in
the context of the divestment plan announced to the market by Cemig GT in 2020, and Vale chose to exercise its preferential right of acquisition.</FONT></P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In August 2024, the transaction was
completed for the amount of R$2,737 (US$493 million), and Vale became the sole owner of Alian&ccedil;a. As a result, the Company recorded
a gain of R$1,693 (US$305 million) in the income statement for the three-month period ended September 30, 2024 as &#8220;Results from
investments and other results in associates and joint ventures,&#8221; due to the remeasurement to fair value of the previously held equity
interest.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The fair value of the identifiable
assets acquired and liabilities assumed as a result of the acquisition are presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 67%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 23%; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Alian&ccedil;a Energia</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>August 13, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Identifiable assets acquired</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;525&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Intangibles </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;16&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,602&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Property, plant, and equipment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;17&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,182&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;222&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;8,531&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Liabilities assumed</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: rgb(36,36,36); line-height: 120%">Loans
    and borrowings</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">9(c)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,360&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Deferred income taxes</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,734&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;780&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,874&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net assets acquired </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;4,657&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As disclosed below, the deferred
tax liability recognized on the difference between the fair value and the book value of the net assets acquired resulted in goodwill,
which is not deductible for tax purposes.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 67%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 23%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>August 13, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Consideration transferred for acquisition of the 45% equity interest held by Cemig GT</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,737&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Fair value of the 55% stake previously held by Vale</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,346&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total [A] </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;6,083&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Fair value of net assets acquired</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,083&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(-) Deferred tax liability on the difference between the fair value and the book value of net assets </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,426)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total net assets [B] </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,657&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Goodwill [A-B]</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,426&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In March 2025, the Company signed
a binding agreement with Global Infrastructure Partners (&#8220;GIP&#8221;) for the sale of 70% of its stake in Alian&ccedil;a and the
energy assets of Sol do Cerrado solar plant and Risoleta Neves hydroelectric plant.</P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As a result, the related assets and
liabilities were classified as held for sale and Vale recognized an impairment loss in the amount of R$674 (US$117 million) in the income
statement for the three-month period ended March 31, 2025 as &quot;Impairment and gains (losses) on disposal of non-current assets,
net&quot;, which was allocated to the goodwill (note 16) arising from the acquisition of Alian&ccedil;a.</P>


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In September 2025, the energy assets
of Sol do Cerrado solar plant and Risoleta Neves hydroelectric plant were transferred from Vale S.A. to Alian&ccedil;a and, the Company
concluded the transaction for the amount of R$4,616 (US$871 million), comprised by a cash inflow of R$5,332 (US$1,006 million), net of
a reduction of R$716 (US$135 million) in the remaining investment in Alian&ccedil;a due to a loan assumed by the investee in the context
of the transaction.</P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As a result of the transaction, Vale
recognized a loss of R$472 (US$89 million) in the income statement for the three-month period ended September 30, 2025 as &quot;Impairment
and gains (losses) on disposal of non-current assets, net&quot;, and lost control over Alian&ccedil;a. Consequently, the Company will
no longer consolidate Alian&ccedil;a, with the remaining interest accounted for as an associate by the equity method.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The effects of this transaction are
summarized below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 81%; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 19%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>September, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cash received</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,332&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Fair value of 30% interest retained</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,262&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(-) Derecognition of Alian&ccedil;a&#8217;s net assets</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(7,066)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Loss on the transaction</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(472)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>b) Divestment on
Vale Oman Distribution Center (&#8220;VODC&#8221;) &#8211;</B></FONT> <FONT STYLE="color: #242424">In August 2024, the Company established
a joint venture with AP Oryx Holdings LLC (&#8220;Apollo&#8221;) through a binding agreement to sell 50% equity interest in VODC for R$3,325
(US$600 million). The transaction was completed in September 2024, reducing Vale&#8217;s stake in VODC from 100% to 50% and changing its
status from a subsidiary to a joint venture.</FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">With this transaction, Vale shared
control over VODC with Apollo and, from then on, will no longer consolidate VODC, which will be accounted for as a joint venture using
the equity method.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As a result of the transaction, the
Company recognized a gain of R$6,776 (US$1,222 million) in the income statement as &#8220;Other operating expenses, net&#8221;. This gain
is due to (i) the result of the sale of the equity interest in the amount of R$3,078 (US$555 million), (ii) the result of the remeasurement
to fair value of the remaining interest in the amount of R$3,078 (US$555 million), and (iii) the reclassification to income statement
of the cumulative translation adjustments in the amount of R$620 (US$112 million). The effects of this transaction are summarized below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 82%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 18%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>September 26, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Sale of the 50% equity interest</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cash received</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,325&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derecognition of VODC&#8217;s net assets</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(247)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Gain on sale of equity interest </B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,078&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Remeasurement of the 50% interest retained</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Fair value of 50% interest retained</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;</B>3,325<B>&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derecognition of VODC&#8217;s net assets</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(247)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Gain on remeasurement of equity interest</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,078&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Other effects of the deconsolidation</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Gain on the reclassification of cumulative translation adjustments </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;620&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Gain on the transaction recorded in the income statement </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;6,776&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>c) Divestment on
PT Vale Indonesia Tbk (&#8220;PTVI&#8221;) &#8211;</B></FONT> <FONT STYLE="color: #242424">In June 2024, the Company reduced its interests
in PTVI in approximately 10.5%. This divestment was carried out through (i) the issuance of PTVI&#8217;s new shares, thereby diluting
Vale in 2.1%, and (ii) by the direct sale of 8.4% of Vale&#8217;s shares to MIND ID. As a result of the transaction, MIND ID became PTVI's
largest shareholder, holding approximately 34.0% of the issued shares, with the Company and SMM holding approximately 33.9% and 11.5%,
respectively. The completion of the transaction satisfied a key condition for PTVI to extend its mining license until 2035, with potential
extension beyond this period subject to certain requirements.</FONT></P>


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">With the transaction, Vale received
R$862 (US$155 million) for its shares and lost control over PTVI, which was accounted for as an associate under the equity method due
to the significant influence retained by Vale over PTVI.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As result, in June 2024, the Company
recognized a gain of R$5,710 (US$1,059 million) in the income statement as &quot;Other operating expenses, net&quot;. This gain was due
to the reclassification of cumulative translation adjustments of R$5,728 (US$1,063 million) and the gain on remeasurement of the interest
retained at fair value of the R$3,654 (US$657 million), net of the loss on the reduction in PTVI stake in the amount of R$3,672 (US$661
million). The effects of this transaction are summarized below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 77%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 23%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>June 28, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cash consideration received</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">862</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Fair value of 33.9% interest retained (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">10,621</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Effects of the deconsolidation:</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Derecognition of net assets of PTVI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(20,551)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Gain on derecognition of noncontrolling shareholders</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">9,050</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Gain on the reclassification of cumulative translation adjustments</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">5,728</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Gain on the transaction recorded in the income statement</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>5,710</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 10pt 0pt; text-align: justify">(i) The fair value of the 33.9% retained interest
was estimated based on a third-party valuation report. The valuation considered the discounted cash flow method. The key assumptions considered
were (i) discount rate of 7.75% with incremental risk premium of around 1.00% on certain assets, (ii) asset life through to 2065, and
(iii) range of expected nickel prices from US$/t 17,501 to US$/t 21,000.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>d) Strategic partnership
in the Energy Transition Metals business &#8211;</B></FONT> <FONT STYLE="color: #242424">In April 2024, the Company concluded the transaction
with Manara Minerals to sell 10% of the business for R$12,697 (US$2,455 million), which was fully contributed to VBM thereby diluting
Vale to a 90% equity interest, retaining control over VBM. As a result, Vale recognized a gain from the sale in the amount of R$4,593
(US$895 million), of which R$7,828 (US$1,514 million) was attributable to noncontrolling interests recorded in the equity as &quot;Transactions
with noncontrolling interests&quot;.</FONT></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><A NAME="a_024"></A><B>16. Intangibles</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 34%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Goodwill</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Concessions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Software</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Research and development project</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;18,811&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;42,991&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;519&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,784&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;65,105&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,340&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;135&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,476&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Disposals</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(25)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(29)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Amortization</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,163)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(186)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,349)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Impairment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(674)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(674)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Transfer to held for sale (Energy Assets)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(752)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(4,419)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(5,192)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,169)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(8)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,177)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;16,216&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;38,724&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;460&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,760&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;58,160&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;16,216&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;49,231&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,541&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,760&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;71,748&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Accumulated amortization</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(10,507)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(3,081)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(13,588)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;16,216&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;38,724&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;460&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,760&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;58,160&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;15,799&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;37,226&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;502&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,782&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;56,309&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;670&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;245&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;915&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Disposals</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(28)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(23)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(51)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Amortization</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,031)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(217)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,248)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Acquisition of Alian&ccedil;a</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,426&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,581&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;21&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,028&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;912&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;922&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;18,137&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;41,418&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;540&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,780&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;62,875&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18,137&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;50,833&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,452&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,780&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;75,202&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Accumulated amortization</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(9,415)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,912)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(12,327)&#9;</FONT></TD></TR>

  <TR>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 34%; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; vertical-align: bottom; width: 6%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;18,137&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;41,418&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;540&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,780&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;62,875&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090"></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Concessions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Software</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Research and development project</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;38,509&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;430&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,754&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;41,693&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,328&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;103&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,431&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Disposals</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(25)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(25)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Amortization</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,088)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(136)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,224)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;38,724&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;397&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,754&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;41,875&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;49,231&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,095&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,754&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;54,080&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Accumulated amortization</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(10,507)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,698)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(12,205)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;38,724&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;397&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,754&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;41,875&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;37,226&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;386&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,754&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;40,366&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;670&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;180&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;850&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Disposals</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(28)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(28)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Amortization</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,021)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(126)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,147)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;36,847&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;440&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,754&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;40,041&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;46,078&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,958&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,754&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;50,790&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Accumulated amortization</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(9,231)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,518)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(10,749)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;36,847&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;440&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,754&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;40,041&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_025"></A>17. Property, plant, and equipment</B></P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 4%; padding-top: 0.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 8%; padding-top: 0.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Building and land</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 8%; border-bottom: teal 1pt solid; padding-top: 0.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Facilities</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 10%; border-bottom: teal 1pt solid; padding-top: 0.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Equipment</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 8%; border-bottom: teal 1pt solid; padding-top: 0.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Mineral properties</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 10%; border-bottom: teal 1pt solid; padding-top: 0.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Railway equipment</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 8%; border-bottom: teal 1pt solid; padding-top: 0.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Right of use assets</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 8%; border-bottom: teal 1pt solid; padding-top: 0.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Other</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 8%; border-bottom: teal 1pt solid; padding-top: 0.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Constructions in progress</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 8%; border-bottom: teal 1pt solid; padding-top: 0.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;53,597&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;50,061&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;25,002&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;28,153&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,932&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;4,089&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,575&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;60,185&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;247,594&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;310&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;20,022&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;20,332&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disposals and impairments</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(113)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(192)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(39)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(48)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(24)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,512)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,949)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Assets retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;37&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;37&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,918)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,513)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,599)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,842)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(655)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(604)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,542)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(11,673)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer to held for sale (Energy Assets)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(135)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,753)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,058)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(212)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(279)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(326)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(4,769)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,199)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(786)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,099)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(891)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(8)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(356)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(600)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,721)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(7,660)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfers</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,430&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,779&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,507&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(3,653)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;953&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,972&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(15,988)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;54,662&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;51,596&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;24,732&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;21,759&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,174&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,227&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,102&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;58,660&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;240,912&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;94,756&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;84,119&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;58,948&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;78,046&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;23,386&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8,207&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;30,072&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;58,660&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;436,194&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(40,094)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(32,523)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(34,216)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(56,287)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(10,212)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(4,980)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(16,970)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(195,282)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;54,662&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;51,596&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;24,732&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;21,759&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,174&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,227&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,102&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;58,660&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;240,912&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;48,989&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;44,730&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;21,543&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;33,524&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,645&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;6,579&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,028&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;54,264&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;234,302&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions (i)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(7)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;21,905&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;21,898&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(28)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(128)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(43)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(39)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(22)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(7)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(524)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(791)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Assets retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(507)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(507)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,731)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,131)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,737)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,677)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(612)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(684)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,270)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(10,842)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Acquisition of Alian&ccedil;a </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;152&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;484&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,826&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;19&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;284&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;407&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,182&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Deconsolidation of VODC</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(48)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(543)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(52)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,908)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(92)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(3,643)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;882&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;575&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;854&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,919&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;660&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;491&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,002&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7,393&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfers</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,941&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,890&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,663&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;906&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;514&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,224&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(13,138)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;51,205&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;48,372&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;23,563&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;34,084&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,535&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,659&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,750&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;64,824&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;250,992&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;90,104&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;79,211&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;56,324&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;81,044&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;21,950&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7,796&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;28,104&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;64,824&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;429,357&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(38,899)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(30,839)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(32,761)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(46,960)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(9,415)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(4,137)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(15,354)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(178,365)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;51,205&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;48,372&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;23,563&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;34,084&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,535&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,659&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,750&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;64,824&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;250,992&#9;</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt">

    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Parent company</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 4%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Building and land</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 8%; border-bottom: teal 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Facilities</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 10%; border-bottom: teal 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Equipment</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 8%; border-bottom: teal 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Mineral properties</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 10%; border-bottom: teal 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Railway equipment</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 8%; border-bottom: teal 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Right of use assets</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 8%; border-bottom: teal 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Other</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 8%; border-bottom: teal 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Constructions in progress</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 8%; border-bottom: teal 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;34,819&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;38,762&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,119&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;8,652&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,829&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,142&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;7,349&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;34,140&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;150,812&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Additions (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;226&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,098&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,324&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(86)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(106)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(38)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(48)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(17)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,548)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,858)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Assets retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;76&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;76&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,195)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,682)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,513)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(591)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(646)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(207)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,129)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6,963)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer to held for sale (Energy Assets)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,290)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(178)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(165)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,635)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Transfers</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,479&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,406&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,151&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;964&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,689&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(11,695)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;36,017&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;40,090&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,741&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;8,105&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,099&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;983&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;7,891&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;34,830&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;154,756&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;52,697&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;59,034&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;30,134&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,118&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;23,213&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,962&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;19,323&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;34,830&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;236,311&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(16,680)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(18,944)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(16,393)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6,013)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(10,114)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,979)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(11,432)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(81,555)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;36,017&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;40,090&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,741&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;8,105&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,099&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;983&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;7,891&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;34,830&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;154,756&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;31,675&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;34,918&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,093&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;9,452&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,538&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,284&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;6,635&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;32,814&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;141,409&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions (i)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;26&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;15,457&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;15,483&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(27)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(125)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(14)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(5)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(424)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(616)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Assets retirement obligation</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(523)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(523)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,065)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,406)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,535)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(574)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(603)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(277)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,017)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6,477)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Transfers</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,676&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,577&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,055&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(17)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;506&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,238&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(11,035)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;33,259&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;37,964&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,599&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;8,338&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,420&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,033&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;6,851&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;36,812&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;149,276&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;48,447&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;55,054&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;27,493&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13,519&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;21,744&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,722&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;17,005&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;36,812&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;222,796&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(15,188)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(17,090)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(14,894)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(5,181)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(9,324)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,689)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(10,154)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(73,520)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;33,259&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;37,964&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,599&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;8,338&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,420&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,033&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;6,851&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;36,812&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;149,276&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Includes capitalized interest, when
applicable.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">For more details regarding right
of use and lease liability see note 22.</P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_026"></A>18. Financial and capital risk management</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Effects of derivatives on the
statement of financial position</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Assets</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Foreign exchange and interest rate risk</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,213</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">888</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">321</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,723</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Commodities price risk</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;182&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;68&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;101&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;145&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Embedded derivatives</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;4,395&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;956&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;422&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,870&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Net exposure </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 70%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 15%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 15%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Foreign exchange and interest rate risk</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,325</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,402)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Commodities price risk</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;114&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(44)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Embedded derivatives</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,439&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(3,448)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Effects of derivatives on the
income statement</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Gain (loss) recognized in the income statement</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 44%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 14%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Foreign exchange and interest rate risk</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,208</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">377</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8,906</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2,107)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Commodities price risk</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;149&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(26)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;88&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(36)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Embedded derivatives</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">4</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,357&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;355&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;8,996&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(2,136)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Effects of derivatives on the
cash flows</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD ROWSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Financial settlement inflows (outflows)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 62%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 19%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 19%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Foreign exchange and interest rate risk</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,187</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">416</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Commodities price risk</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(66)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;43&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,121&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;459&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Market risk</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a.i) Foreign exchange and interest
rates</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notional</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 30%; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Flow</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2026</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2027+</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Foreign Exchange and Interest Rate Derivatives</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ 9,394</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$11,490</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,325</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,402)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,115</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,614</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">596</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The sensitivity analysis of these
derivative financial instruments is presented as follows:</P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 49%; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 17%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 17%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Scenario I </B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 17%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Scenario II</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">R$ depreciation</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,325&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(4,562)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(12,449)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,325&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,554&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,658&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,325&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,541&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;78&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">TJLP interest rate decrease</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,325&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,312&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,300&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">IPCA index decrease</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,325&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,075&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;984&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">SOFR interest rate decrease</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,325&#9;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,172&#9;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,015&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a.ii) Protection program for product
prices and input costs</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notional</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 30%; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Flow</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2026</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2027+</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>Brent crude oil (bbl)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Options</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18,418,875&#9;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;24,050,625&#9;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;59&#9;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;67&#9;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(3)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;62&#9;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>Forward Freight Agreement (days)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Freight forwards </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,760&#9;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,240&#9;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;61&#9;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(65)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;61&#9;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>Fixed price nickel sales protection (ton)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Nickel forwards</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,208&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,978&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(46)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The sensitivity analysis of these
derivative financial instruments is presented as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 36%; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Instrument</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 34%; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Scenario I </B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 2.15pt 0 0; text-align: right; color: #007E7A"><B>Scenario II </B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0 0 1pt; text-align: right; color: #007E7A"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Brent crude oil (bbl)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Decrease in fuel oil price</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">59</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(494)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,826)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Forward Freight Agreement (days)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Decrease in freight price</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">61</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(20)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(101)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Hedge for fixed-price nickel sales (tons)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Decrease in nickel price</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(64)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(121)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a.iii) Embedded derivatives in contracts</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notional </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value by year</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 37%; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Flow</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2026</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2027+</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Embedded derivative (pellet price) in natural gas purchase (volume/month)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Call options</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;746,667&#9;</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;746,667&#9;</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The sensitivity analysis of these
derivative financial instruments is presented as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 38%; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 34%; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; background-color: white; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Scenario I </B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; background-color: white; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Scenario II</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Embedded derivative (pellet price) in natural gas purchase agreement (volume/month)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Embedded derivatives - Gas purchase</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pellet price increase</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a.iv) Hedge accounting</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Gain (loss) recognized in the other comprehensive income</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 30%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 30%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 15%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 15%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 15%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 15%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Net investments hedge</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;384&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;192&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,047&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,147)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><FONT STYLE="font-size: 10pt"><B>b)
</B></FONT><B><FONT STYLE="font-size: 11pt">Credit risk management</FONT></B></P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><FONT STYLE="font-size: 10pt"><B>b.i)
</B></FONT><B><FONT STYLE="font-size: 11pt">Financial's counterparties' ratings </FONT></B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The transactions of derivative instruments,
cash and cash equivalents, as well as short-term investments are held with financial institutions whose exposure limits are periodically
reviewed and approved by the delegated authority. The financial institutions' credit risk is performed through a methodology that considers,
among other information, ratings provided by international rating agencies.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The table below presents the ratings
in foreign currency as published by Moody&#8217;s regarding the main financial institutions used by the Company to contract derivative
instruments, cash and cash equivalents transaction.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 25%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Derivatives</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Derivatives</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Aa2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">4,169 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">10 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2,421 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">3 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">A1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">9,887 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">797 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">11,605 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">172 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">A2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,430 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">508 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">3,220 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">83 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">A3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">5,753 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">349 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">4,391 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">12 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Baa1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&ndash; </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&ndash; </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&ndash; </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Baa2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">23 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&ndash; </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&ndash; </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Baa3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">180 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&ndash;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&ndash;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&ndash;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Ba1 (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6,515 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,439 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">4,453 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">111 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Ba2 (i)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">4,436 </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,292 </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">4,881 </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">41 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;<FONT STYLE="font-family: Vale Sans,sans-serif; color: #242424"><B>Total</B></FONT></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>32,393 </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>4,395 </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>31,002 </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>422 </B></FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">(i) A substantial part of the balances
is held with financial institutions in Brazil which are deemed investment grade in local currency.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_027"></A>19. Financial assets and liabilities</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Classification</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company classifies its financial
instruments in accordance with the purpose for which they were acquired, and determines the classification and initial recognition according
to the following categories:&nbsp;</P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 29%; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 5%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 9%; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>At fair value through OCI</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 9%; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 7%; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>At fair value through OCI</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 7%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Current</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cash and cash equivalents (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;31,391&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;31,391&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;30,671&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;30,671&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Short-term investments (ii)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,002&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,002&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;331&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;331&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,928&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,928&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;331&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;331&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,275&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;12,053&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13,328&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,313&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;12,287&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,600&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;32,666&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;15,983&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;48,649&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;32,984&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,949&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;45,933&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">26(c)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,392&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,392&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,326&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,326&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Restricted cash</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;46&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;46&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;78&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;78&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,467&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,467&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;91&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;91&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Investments in equity securities </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;306&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;306&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;337&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;337&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,438&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;306&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,467&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;5,211&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,404&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;337&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;91&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,832&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total of financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;36,104&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;306&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;17,450&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;53,860&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;36,388&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;337&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,040&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;49,765&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Current</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Suppliers and contractors </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;12&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;30,054&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;30,054&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;26,217&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;26,217&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;491&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;491&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,220&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,220&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Loans and borrowings </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;21&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,498&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,498&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,316&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,316&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Leases </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;22&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;931&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;931&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;907&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;907&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Liabilities related to the concession grants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">13(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,575&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,575&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,895&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,895&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial liabilities - Related parties </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;29&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,039&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,039&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,803&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,803&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial obligations </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,197&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,197&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,637&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,637&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;38,294&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;491&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;38,785&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;41,775&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,220&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;42,995&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;465&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;465&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,650&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,650&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Loans and borrowings </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;21&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;92,400&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;92,400&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;85,282&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;85,282&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Leases </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;22&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,793&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,793&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,507&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,507&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Participative shareholders' debentures </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;20&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,196&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,196&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13,727&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13,727&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Liabilities related to the concession grants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">13(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,071&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,071&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,684&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,684&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial obligations</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;198&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;199&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;106,265&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;14,661&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;120,926&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;100,671&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;16,378&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;117,049&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total of financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;144,559&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;15,152&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;159,711&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;142,446&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;17,598&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;160,044&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Includes R$11,366 (US$2,137 million)
(2024: R$10,580 (US$1,709 million) denominated in R$, R$18,291 (US$3,439 million) (2024: R$18,877 (US$3,048 million) denominated in US$
and R$1,734 (US$326 million) (2024: R$1,214 (US$196 million) denominated in other currencies.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(ii) It substantially comprises investments
in debt securities and investments in exclusive investment funds, whose portfolio is composed of repo operations and bank certificates
of deposit (&quot;CDBs&quot;).</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>b) Hierarchy of fair value</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 31%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 5%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Level 3</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Level 3</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;176&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;826&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,002&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;331&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;331&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,395&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,395&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;422&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;422&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;12,053&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;12,053&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;12,287&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;12,287&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Investments in equity securities </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;306&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;306&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;337&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;337&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;176&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;17,580&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;17,756&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;331&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,046&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,377&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;956&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;956&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,870&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,870&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Participative shareholders' debentures </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;20&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,196&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,196&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13,727&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13,727&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial obligations</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;15,153&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;15,153&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;17,598&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;17,598&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">There were no transfers between levels
1, 2 and 3 of the fair value hierarchy during the period presented.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>c) Fair value of loans and borrowings</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 68%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;Bonds</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">41,116 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">42,687 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">45,003 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">44,866 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Debentures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">13,189 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">13,099 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7,876 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7,897 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Debt contracts in Brazil in:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">790 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">791 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,144 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,144 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Basket of currencies and bonds in US$ indexed to SOFR</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">798 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">836 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">944 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">960 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">US$, with variable and fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">36,091 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">37,558 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">36,186 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">36,673 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other currencies, with fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">291 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">306 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">390 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">396</FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2,623 </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2,488 </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">55 </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">47</FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>94,898 </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>97,765 </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>91,598 </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>91,983 </B></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B></B>&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_028"></A>20. Participative shareholders&#8217; debentures</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Financial result</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Average price (R$)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: teal 1pt solid; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: teal 1pt solid; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; width: 27%">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; width: 6%; border-bottom: teal 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 6%; border-bottom: teal 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 9%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 9%; border-bottom: teal 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 9%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 9%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 1.15pt 0 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0 0 1pt; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 13%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Participative shareholders&#8217; debentures </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">36,54</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">33,74</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(803)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;509&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,221)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;72&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,196&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13,727&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">On October 6<SUP>th</SUP>, 2025 (subsequent
event), Vale approved the proposal for the optional acquisition of up to all outstanding participative shareholders' debentures. The deadline
for the debentures holders to manifest their sale intentions will close on October 31, 2025. This initiative aims to optimize Vale&#8217;s
capital structure through financial liability management, while reinforcing the Company&#8217;s capital allocation strategy.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">On October 1<SUP>st</SUP>, 2025 (subsequent
event), the Company made a payment of remuneration to debenture holders in the amount of R$598 (US$112 million) for the first semester
of 2025 (2024: R$527 (US$97 million) for the first semester of 2024).</P>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">On April 1<SUP>st</SUP>, 2025, the
Company made a payment of remuneration to debenture holders in the amount of R$760 (US$131 million) for the second semester of 2024 (2024:
R$766 (US$149 million) for the second semester of 2023).</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_029"></A>21. Loans and borrowings</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Outstanding balance of loans
and borrowings by type and currency</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Current liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Average interest rate (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">US$ Bonds </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6.06%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;40,460&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;44,502&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">R$ Debentures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7.11%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;310&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;419&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;12,553&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7,375&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Debt contracts in Brazil in (ii):</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9.64%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;239&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;253&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;550&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;887&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Basket of currencies and bonds in US$ indexed to SOFR</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5.85%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;798&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;929&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">US$, with variable and fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5.26%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;558&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,433&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;35,228&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;31,222&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other currencies, with fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4.83%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;65&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;71&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;225&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;312&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2.76%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;26&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,586&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;55&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Accrued charges</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,300&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,140&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,498&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;6,316&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;92,400&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;85,282&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Current liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Average interest rate (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">US$,Bonds </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5.66%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,613&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,042&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">R$, Debentures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7.11%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;310&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;195&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;12,553&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,417&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Debt contracts in Brazil in (ii):</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9.64%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;240&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;239&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;550&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;729&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Basket of currencies and bonds in US$ indexed to SOFR</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5.85%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;798&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;929&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">US$, with variable and fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5.32%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;27&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;17,916&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18,992&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;55&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Accrued charges</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;458&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;385&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,035&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;819&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;34,429&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;30,164&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) In order to determine the average interest
rate for debt contracts with floating rates, the Company used the rate applicable as of September 30, 2025.</P>

<P STYLE="font: 7pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(ii) The Company entered into derivatives
to mitigate the exposure to cash flow variations of all floating rate debt contracted in Brazil, resulting in an average cost of 3.21%
per year in US$.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424"><FONT STYLE="background-color: #F8F9FA">The
reconciliation of loans and financing with cash flows arising from financing activities is presented in note 9(C).</FONT></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Future flows of principal and interest
of loans and borrowings payments</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 3pt 17pt; text-align: justify; text-indent: -17pt; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,126,121) 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent Company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 34%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 16%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Principal</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 16%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Estimated future interest payments (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 16%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Principal</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 18%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Estimated future interest payments (i)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2025</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,199&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,627&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;576&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;601&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2026</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;659&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,652&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;125&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,975&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2027</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9,050&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,933&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,039&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,857&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2028</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,252&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,673&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,158&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,680&#9;</FONT></TD></TR>

  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 34%; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">From 2029 to 2031</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 16%; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;30,962&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 16%; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,070&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 16%; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8,511&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 18%; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,726&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2032 onwards</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;46,476&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;23,783&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;16,597&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,993&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;93,598&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;49,738&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;35,006&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;14,832&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Based on interest rate curves and foreign
exchange rates applicable as of September 30, 2025 and considering that the payments of principal will be made on their contracted payments
dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the annual financial statements.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"></P>

<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>c) Covenants</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company's main financial covenants
require it to maintain certain ratios, such as the leverage ratio and interest coverage ratio. Vale is also subject to non-financial covenants
normally practiced in the market, such as compliance with certain governance and environmental standards, among others.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company is required to comply
with these covenants at the end of each annual reporting period and there are no indications that Vale would have difficulties complying
with them on the next measurement date, which will be as of December 31, 2025.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_037"></A>22. Leases</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Right of use</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 28%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Additions and contract modifications</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Depreciation and impairments</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Transfer to held for sale (note 15a)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Ports</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;316&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(111)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;190&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Vessels</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,188&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;112&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(211)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(301)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,788&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pelletizing plants</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;677&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(34)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(133)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;510&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Properties</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;584&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;178&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(70)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(212)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(5)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;475&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Energy plants</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;172&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(32)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(18)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;122&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;152&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;54&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(47)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(17)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;142&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;4,089&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;310&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(604)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(212)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(356)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,227&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Leases liabilities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 23%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Additions and contract modifications </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Payments (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Interest </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Transfer to held for sale (note 15a)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Ports</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;333&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(98)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(17)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;229&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Vessels</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,202&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;112&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(264)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;56&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(303)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,803&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pelletizing plants</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;778&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(34)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(59)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;25&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;710&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Properties</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;664&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;178&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(92)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;22&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(217)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;555&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Energy plants</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;268&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;12&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(34)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;231&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;169&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;54&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(62)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;28&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;196&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;4,414&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;310&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(590)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;133&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(217)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(326)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,724&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;907&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;931&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,507&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,793&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;4,414&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,724&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 10pt 0pt 0pt; text-align: justify; color: #242424">(i) The total amount of the variable lease
payments not included in the measurement of lease liabilities was R$430 (US$77 million) recorded in the income statement in the nine-month
period ended September 30, 2025 (2024: R$998 (US$190 million)).</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Annual minimum payments and remaining lease term</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The following table presents the
undiscounted lease obligation by maturity date. The lease liability recognized in the statement of financial position is measured at
the present value of such obligations.&nbsp;</P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2026</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2027</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2028</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2029 onwards</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Remaining term (years)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Discount rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Ports</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;39&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;76&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;94&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;221&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1 to 18</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4% to 5%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Vessels</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;89&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;331&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;325&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;273&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,000&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,018&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1 to 8</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3% to 4%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pelletizing plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;137&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;185&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;128&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;128&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;149&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;727&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1 to 8</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2% to 6%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Properties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;30&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;112&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;108&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;105&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;247&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;602&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1 to 14</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2% to 6%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Energy plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;12&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;33&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;27&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;27&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;179&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;278&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1 to 5</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;20&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;76&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;54&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;36&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;197&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1 to 5</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3% to 6%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;327&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;813&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;648&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;575&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,680&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;4,043&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>

<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><A NAME="a_030"></A><B>23. Brumadinho dam failure</B></P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In January 2019, a tailings dam (&#8220;Dam
I&#8221;) experienced a failure at the C&oacute;rrego do Feij&atilde;o mine, in the city of Brumadinho, state of Minas Gerais, Brazil.
The failure released a flow of tailings debris, destroying some of Vale&#8217;s facilities, affecting local communities and disturbing
the environment. The tailings released have caused an impact of around 315 km in extension, reaching the nearby Paraopeba River. The dam
failure in Brumadinho (&#8220;event&#8221;) resulted in 270 fatalities or presumed fatalities, including two pregnant women, and caused
extensive property and environmental damage in the region.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As a result of the dam failure, the
Company recognized provisions to meet its assumed obligations, including indemnification to those affected by the event, remediation of
the impacted areas and compensation to the society. In addition, the Company has incurred expenses, which have been recognized straight
to the income statement, in relation to tailings management, communication services, humanitarian assistance, payroll, legal services,
water supply, among others.</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>Effects in income statements</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended in September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended&nbsp;&nbsp;in September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 36%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 16%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; width: 16%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 16%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 16%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Integral Reparation Agreement</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;16&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;43&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;186&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;303&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other obligations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(38)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(304)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(488)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(451)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Incurred expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(421)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(444)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,316)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,457)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Insurance </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;13&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;44&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;49&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Expenses related to Brumadinho event</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(430)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(695)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,574)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,556)</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 10pt 0 0; text-align: justify; color: #007E7A"><B>Changes in the provision in
the period</B></P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E79 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 39%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Changes in&nbsp;&nbsp;estimates</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Monetary and present value adjustments </B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Disbursements</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Integral Reparation Agreement</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payment obligations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,885&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(34)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;201&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(540)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,512&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Provision for socio-economic reparation and others</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,025&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(84)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;200&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(296)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,845&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Provision for social and environmental reparation</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,300&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(68)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;374&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,052)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,554&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;7,210&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(186)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;775&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,888)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,911&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Other obligations</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Tailings containment, geotechnical safety and environmental reparation</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,121&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;61&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;303&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(667)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,818&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Individual indemnification</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;301&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;47&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;44&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(183)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;209&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,566&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;380&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;113&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(574)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,485&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,988&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;488&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;460&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,424)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,512&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Liability</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;12,198&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;302&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,235&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(3,312)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;10,423&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 12pt 0pt 0pt; color: #242424">The cash flow for obligations are estimated for an average period
ranging from 5 to 7 years and were discounted to the present value at a rate in real terms, which increased from 7.88% on December 31,
2024, to 8.58% on September 30, 2025.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; width: 100%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Judicial Settlement for Integral Reparation</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">On February 4, 2021, the Company
entered into a Judicial Settlement for Integral Reparation (&#8220;Global Settlement&#8221;), which was under negotiations since 2019,
with the State of Minas Gerais, the Public Defender of the State of Minas Gerais and the Federal and the State of Minas Gerais Public
Prosecutors Offices, to repair the environmental and social damage resulting from the Dam I rupture. As a result of the Global Settlement,
the requests for the reparation of socioenvironmental and socioeconomic damages caused by the dam failure were substantially resolved.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Global Settlement includes: (i)
payment obligations, of which the funds will be used directly by the State of Minas Gerais and Institutions of Justice for socioeconomic
and socioenvironmental compensation projects; (ii) socioeconomic projects in Brumadinho and other municipalities; and (iii) compensation
of the environmental damage caused by the dam failure. These obligations are projected for an average period of 5 years.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In addition, the Global Settlement
addresses the diffuse and collective socioeconomic damages resulting from the disaster, with the exception of supervening damages, individual
damages and homogeneous individual damages of a divisible nature, in accordance with the claims of the lawsuits not extinguished by the
Global Settlement.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">For the measures described in items
(i) and (ii), the amounts are specified in the Global Settlement. For the execution of the environmental recovery, actions have no cap
limit, despite having been estimated in the Global Settlement due to the Company's legal obligation to fully repair the environmental
damage caused by the dam failure. Therefore, although Vale is monitoring this provision, the amount recorded could materially change depending
on several factors that are not under the Company&#8217;s control.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="border-right: white 1pt solid; width: 100%; border-bottom: #A6A6A6 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Other obligations</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/11.5pt Vale Sans,sans-serif; margin: 10pt 0 0; text-align: justify; color: #242424">The Company is also working to
ensure geotechnical safety of the remaining structures at the C&oacute;rrego do Feij&atilde;o mine, in Brumadinho, and the removal and
proper disposal of the tailings of Dam I, including dredging part of the released material and de-sanding from the channel of the river
Paraopeba.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">For the individual indemnification,
Vale and the Public Defendants of the State of Minas Gerais formalized an agreement on April 5, 2019, under which those affected by the
Brumadinho&#8217;s dam failure may join an individual or family group out-of-court settlement agreements for the indemnification of material,
economic and moral damages. This agreement establishes the basis for a wide range of indemnification payments, which were defined according
to the best practices and case law of Brazilian Courts, following rules and principles of the United Nations.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Legal Proceedings</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="border-right: white 1pt solid; width: 100%; border-bottom: #A6A6A6 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Class action in the United States</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Vale is defending itself against
a class action brought before a Federal Court in New York and filed by holders of securities - American Depositary Receipts (&quot;ADRs&quot;)
- issued by Vale.</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">In August 2024, the Court held a hearing
to consider Vale's Motion for Class Decertification, as well as the parties' Cross Motions to Exclude Expert. A decision from the Court
is currently pending.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In November 2021, a new complaint
was filed by eight investment funds that chose to seek redress for alleged damages independently and separately from the class members
of the main action, with the same allegations presented in the main class action. A decision from the Court on Vale's preliminary defense
(&quot;motion to dismiss&quot;) has been pending since December 2023.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The likelihood of loss of these proceedings
is considered possible. However, considering the current phase of these lawsuits, it is not yet possible to reliably estimate the amount
of a potential loss. The amount of damages sought in these claims is unspecified.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="border-right: white 1pt solid; width: 100%; border-bottom: #A6A6A6 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Arbitration proceedings in Brazil filed by shareholders, a class association and foreign investment funds</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In Brazil, Vale is a defendant in
one arbitration filed by 385 minority shareholders and three arbitrations filed by foreign investment funds. Vale was also a defendant
in two arbitrations filed by a class association allegedly representing all Vale&#8217;s noncontrolling shareholders, which were dismissed
in August 2024.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In the four ongoing proceedings,
the claimants argue that Vale was aware of the risks associated with the dam and failed to disclose it to its shareholders. Based on such
argument, they claim compensation for losses caused by the decrease in share price.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The expectation of loss is classified
as possible for the four procedures and, considering the initial phase, it is not possible at this time to reliably estimate the amount
of a possible loss.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In one of the proceedings filed by
foreign legal entities, the Claimants initially estimated the amount of the alleged losses would be approximately R$1,800 (US$330 million),
subject to interest and monetary adjustments. In another proceeding filed by foreign legal entities, the Claimants initially estimated
the amount of the alleged losses would be approximately R$3,900 (US$715 million), subject to interest and monetary adjustments. In the
procedure presented by minority shareholders, the applicants estimated the alleged losses at approximately R$3,000 (US$550 million), subject
to interest and monetary adjustments, which could be increased later, as alleged by the applicants.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company disagrees with the ongoing
proceedings and understands that, in this case and at the current stage of the proceedings, the probability of loss in the amount claimed
by the claimants is remote.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_031"></A>24. Liabilities related to associates and joint ventures</B></P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In November 2015, the Fund&atilde;o
tailings dam owned by Samarco Minera&ccedil;&atilde;o S.A. (&#8220;Samarco&#8221;) experienced a failure, flooding certain communities
and impacting communities and the environment along the Doce River. The dam failure resulted in 19 fatalities and caused property and
environmental damage to the affected areas. Samarco is a joint venture equally owned by Vale S.A. and BHP Billiton Brasil Ltda. (&#8216;&#8216;BHPB&#8217;&#8217;).</P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Thus, Vale, Samarco, and BHPB entered
into agreements with the Federal Union, the States of Minas Gerais and Esp&iacute;rito Santo, and some other federal and state agencies,
establishing the creation of socioenvironmental and socioeconomic programs aimed at adopting measures for mitigation, remediation, and
compensation of damages. However, the requirements established reparation measures in the agreements could not be fully implemented within
the established period, and the involved parties began initiated further negotiations to seek a definitive agreement for the resolution
of all obligations related to the dam collapse.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Definitive Settlement for the full reparation
</B></P>

<P STYLE="font: 10pt/11.5pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">In October 2024, Vale, Samarco and
BHPB, together with the Brazilian Federal Government, the State Governments of Minas Gerais and Esp&iacute;rito Santo, the Federal and
State Public Prosecutors&#8217; and Public Defenders&#8217; Offices and other Brazilian public entities (jointly, &#8220;the Parties&#8221;)
entered into a new agreement (&#8220;Definitive Settlement&#8221;) on integral and definitive reparation of the impacts of Fund&atilde;o
dam collapse, in Mariana, Minas Gerais. The agreement was ratified in November 2024.</P>
<P STYLE="font: 10pt/11.5pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Definitive Settlement replaced
all of the previously signed agreements and addressed Brazilian public authorities the claims related to the Fund&atilde;o dam collapse,
from the perspective of socioenvironmental and socioeconomical damages.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The total amount of the Definitive
Settlement is R$170 billion (US$31.7 billion), comprising past and future obligations, to serve the people, communities and environment
impacted by the dam failure. It includes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">R$38 billion (US$7.9
billion) <FONT STYLE="color: #242424">already incurred, from the date of the dam collapse until the Definitive Settlement, by Vale, Samarco
and BHPB with remediation and compensation measures and, therefore, do not constitute the Company&#8217;s provision balance;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">R$100 billion (US$18 billion) <FONT STYLE="color: #242424">paid
over 20 years to the Federal Government, the States of Minas Gerais and Esp&iacute;rito Santo, the municipalities and which will also
be used by Justice Institutions, to fund compensatory actions tied to public policies; and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">R$32 billion (US$5.8
billion) <FONT STYLE="color: #242424">in performance obligations executed by Samarco, including initiatives for individual indemnification,
resettlement, and environmental recovery. The expectation is that the cash disbursement related to these obligations will occur substantially
over the next 3 years.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Samarco has primary responsibility
for funding the obligations related to the Definitive Settlement. Vale and BHPB have secondary funding obligations in the proportion to
their 50 per cent shareholding in Samarco, in extent to which Samarco may not be able to fund the future cash outflows.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The judicial ratification of the
Definitive Settlement ended a series of relevant lawsuits, moved in Brazil. Vale, jointly with BHPB and Samarco, is requiring the archive
of these proceedings.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Provision related to the Samarco dam failure</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #242424">The Company recognized an addition to the provision in the amount
of R$1,009 (US$182 million) in the nine-month period ended September 30, 2025, substantially related to a revision on the costs to complete
individual indemnification programs. The changes on the provision are presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 88%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;22,682&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Changes in estimates</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,009&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Monetary and present value adjustments</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;853&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disbursements </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(11,776)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;12,768&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 12pt 0pt 0pt; color: #242424">The cash outflows to meet the obligations are discounted to
present value at an annual rate in real terms, which decreased from 7.30% on December 31, 2024, to 7.18% on September 30, 2025.</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>c) Remaining legal proceedings</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0 0 6pt; text-align: justify; color: #242424">With the Definitive Agreement, the
public civil actions brought by the Brazilian Justice Institutions and Brazilian public authorities were substantially resolved and the
parameters for compliance with the reparation and compensation for damages were defined. Thus, the remaining most relevant legal proceedings
are shown below:</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="border-bottom: #BFBFBF 1pt solid; width: 100%; padding-top: 2.15pt; padding-bottom: 1pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Claims in the United Kingdom and the Netherlands</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In July 2024, Vale and BHP have entered
into a confidential agreement without any admission of liability pursuant to Vale and BHP will share equally any potential payment obligations
arising from the UK and Dutch Claims, described below.</P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>London claim -</B></FONT>
<FONT STYLE="color: #242424">As a result of the rupture of Samarco&#8217;s Fund&atilde;o dam failure, BHP Group Ltd (&#8220;BHP&#8221;)
was named as defendant in group action claims for damages filed in the courts of England and Wales for various plaintiffs, between individuals,
companies and municipalities from Brazil that were supposedly affected by the Samarco dam failure (the &#8220;UK Claim&#8221;). </FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">The proceedings against BHP are still
progressing in London and the oral testimony phase of the first stage of the trial, in which the liability issues of the BHP group companies
are dealt with, took place between October 2024 and March 2025. If BHP's liability is confirmed, a second stage trial will be held to
discuss and determine the amount of damages, scheduled to begin in October 2026 and is expected to last 22 weeks. On the first week of
July, it was held a case management conference in anticipation of a possible 2nd stage trial. BHP&#8217;s deadline for submitting a complementation
of its response is currently ongoing.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">The likelihood of loss of these proceedings
is considered possible. However, considering the current phase, it is not yet possible to reliably estimate the amount of a potential
loss, and an estimate may become quantifiable as the case progresses.</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 10pt/11.2pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #242424"></FONT></P>

<P STYLE="font: 10pt/11.2pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Netherlands proceeding
-</B></FONT> <FONT STYLE="color: #242424">In March 2024, a court in Amsterdam granted a preliminary injunction freezing the shares in
Vale Holdings B.V., a wholly owned subsidiary incorporated in the Netherlands, and the economic rights attached to those shares, in guarantee
of an amount of approximately R$6,134 (EUR955 million). The freezing orders were issued in anticipation of a legal action to be brought
against Vale by certain Brazilian municipalities and an organization that represents individuals and small businesses that claim to have
been affected by the collapse of Samarco&rsquo;s Fund&atilde;o dam in 2015. With the adherence of three municipalities (Iapu, Ponte Nova
and Rio Casca) to the Definitive Settlement, their lawsuit was discontinued, with the attachment being reduced to R$4,788 (EUR745.4 million).
In July 2025, a case management conference was held to establish the procedural timeline. The Court has decided that the proceedings will
be divided into 3 stages: (i) for the exam of the Court&rsquo;s jurisdiction on the case; (ii) if accepted the jurisdiction, the general
exam of the companies&rsquo; liability defenses, (iii) if accepted the companies&rsquo; liability, a third stage trial will be held to
assess the individual damages of the claimants. Vale&rsquo;s deadline is currently ongoing to present its jurisdiction application, and
a hearing is expected to be held in 2026.</FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The likelihood of loss of these proceedings
is considered possible. However, considering the initial phase, it is not yet possible to reliably estimate the amount of a potential
loss, and an estimate may become quantifiable as the case progresses.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>d) Judicial reorganization of Samarco</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In April 2021, Samarco filed for
Judicial Reorganization (&#8220;JR&#8221;) with the Courts of Minas Gerais to renegotiate its debt, which was held by bondholders abroad.
The purpose of JR was to restructure Samarco&#8217;s debts and establish an independent and sustainable financial position, allowing Samarco
to keep working to resume its operations safely and to fulfill its obligations for mitigation, remediation, and compensation of damages.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In May 2023, Vale S.A. entered into
a binding agreement jointly with BHPB, Samarco and certain creditors which hold together more than 50% of Samarco's debt, setting the
parameters of Samarco&#8217;s debt restructuring to be implemented through a consensual restructuring plan, which was approved by the
creditors, submitted to the JR Court in July 2023, and confirmed by the judge in September 2023.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In December 2023, Samarco&#8217;s
existing R$24 billion (US$4.8 billion) financial debt held by creditors was exchanged for approximately R$19 billion (US$3.9 billion)
of long-term unsecured debt, bearing interest from 2023 to 2031.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">After the execution of the plan, Samarco
has a lean capital structure, in line with its operational ramp-up and cash flow generation. The plan considers the fund for the reparation
and compensation programs capped at R$5 billion (US$1 billion) from 2024 to 2030, of which R$1,978 (US$365 million) has already been incurred,
and additional contributions after that period due to the Samarco&#8217;s projected cash flows generation.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In August 2025, Samarco's judicial
reorganization process was concluded by decision of the 2nd Business Court of the District of Belo Horizonte, with a favorable opinion
from the Public Prosecutor's Office of the State of Minas Gerais, which concluded that the judicial reorganization had fulfilled its purpose.
Samarco will continue to comply with the remaining obligations, in accordance with the terms and deadlines established.</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_032"></A>25. Provision for de-characterization of dam structures
and asset retirement obligations</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company is subject to local
laws and regulations, that require the decommissioning of the assets that Vale operates at the end of their useful lives, therefore,
expenses related to the demobilization occur after the end of operational activities and throughout the life of operations through progressive
closures. These obligations are regulated in Brazil at the Federal and State levels by ANM (National Mining Agency) and Environmental
Agencies, respectively. Among the requirements, the closure plans must consider the physical, chemical and biological stability of the
areas and post-closure actions for the period necessary to verify the effectiveness of the decommissioning. These obligations are accrued
and are subject to critical estimates and assumptions applied to the measurement of costs by the Company. Depending on the geotechnical
characteristics of the structures, the Company is required to de-characterize the structures, as shown in item a) below.</P>


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    <!-- Field: /Page -->



<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Effects in the income statement</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent Company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 30%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">De-characterization of upstream geotechnical structures</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25(a)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">286</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(1)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">649</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">682</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">286</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(1)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">649</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">682</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Obligation for asset decommissioning</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25(b)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">12</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">33</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(56)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">201</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">22</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">103</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(36)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">241</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Environmental obligations</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25(b)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(1)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(108)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(121)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(1)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(116)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>298</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>32</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>592</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>775</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>310</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>(19)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>612</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>807</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Provision changes during the period</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 41%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; width: 19%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>De-characterization of upstream geotechnical structures (i)</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 11%; border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 11%; border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Environmental obligations</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 12%; border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>13,706</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>19,234</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,749</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>35,689</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Changes in estimates - amounts for closed plants charged to the income statement</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(649)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">56</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(592)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Changes in estimates &#8211; capitalized value for operational plants</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">36</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">113</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">149</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disbursements</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,527)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(836)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(691)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,054)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Monetary and present value adjustments</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">735</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">601</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">121</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,457</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer to assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15(a)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(13)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(128)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(141)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustments</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,170)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(45)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,215)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>12,265</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>17,908</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,120</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>32,293</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent Company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 38%">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; width: 21%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>De-characterization of upstream geotechnical structures (i)</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 21%; border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 10%; border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Environmental obligations</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 10%; border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,706&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;7,810&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,805&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;23,321&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Changes in estimates - amounts for closed plants charged to the income statement</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(649)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;36&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(612)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Changes in estimates &#8211; capitalized value for operational plants</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;76&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;82&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Disbursements</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,527)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(662)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(328)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,517)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Monetary and present value adjustments</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;735&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;438&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;103&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,276&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,265&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;7,698&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,587&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;21,550&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">(i) The cash flow for de-characterization projects are estimated
for a period up to 13 years and were discounted to present value at an annual rate in real terms, which decreased from 7.36% to 7.34%.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) De-characterization of upstream
geotechnical structures </B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As a result of the Brumadinho dam
failure (note 23) and, in compliance with laws and regulations, the Company has decided to accelerate the plan to &#8220;de-characterize&#8221;
of all its dams and dikes built under the upstream method, located in Brazil. These structures are in different stages of maturity of
engineering projects, for which the estimate of expenditures includes in its methodology a high degree of uncertainty in the definition
of the total cost of the project in accordance with best market practices.</P>

<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin: 0; font: 10pt Vale Sans,sans-serif; color: #242424">The Company also operates tailings dams in Canada, including upstream
compacted dams. However, the Company decided that these dams will be decommissioned using other methods, thus, the provision to carry
out the decommissioning of dams in Canada is recognized as &ldquo;Obligations for decommissioning assets and environmental obligations&rdquo;,
as presented in item (b) below.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; text-align: justify; color: #007E7A"><B>Operational stoppage and idle
capacity</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; text-align: justify; color: #242424">The Company has suspended some
operations due to judicial decisions or technical analysis performed by Vale regarding the safety of its geotechnical structures located
in Brazil. The Company has been recording losses in relation to the operational stoppage and idle capacity of the Iron Solutions segment
in the amounts of R$59 (US$10 million) and R$176 (US$31 million) for the three and nine-month period ended September 30, 2025, respectively
(2024: R$184 (US$36 million) and R$562 (US$108 million), respectively). The Company is working on legal and security to resume operations.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; text-align: justify; color: #242424"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Asset retirement obligations and environmental
obligations</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent Company</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Discount rate</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Cash flow maturity</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Liability by geographical area</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;10,549&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,052&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9,285&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9,616&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7.22%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7.38%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2132&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2132&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8,026&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9,412&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1.62%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1.44%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2152&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2152&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Oman</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;755&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;879&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3.35%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3.66%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2035&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2035&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other regions</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;698&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;640&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2.59%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2.77%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;20,028&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;21,983&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;9,285&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;9,616&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Operating plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,727&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;15,526&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,929&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,516&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Closed plants</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,301&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,457&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,356&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,100&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;20,028&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;21,983&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;9,285&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;9,616&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Financial guarantees</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company has guarantees issued
by financial institutions in the amount of R$5,927 (US$1,114 million) as of September 30, 2025 (December 31, 2024: R$6,756 (US$1,091 million),
in connection with the asset retirement obligations for its Energy Transition Metals operations. The financial cost of these guarantees
is immaterial.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_033"></A>26. Legal proceedings</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company is a defendant in numerous
legal and administrative actions in the ordinary course of business, including civil, tax, environmental and labor proceedings.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company makes use of estimates
to recognize the amounts and the probability of outflow of resources, based on reports and technical assessments and on management&#8217;s
assessment. Provisions are recognized for probable losses of which a reliable estimate can be made.</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Arbitral, legal and administrative
decisions against the Company, new jurisprudence and changes of existing evidence can result in changes regarding the probability of outflow
of resources and on the estimated amounts, according to the assessment of the legal basis.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The lawsuits related to Brumadinho
event (note 23) and the Samarco dam failure (note 24) are presented in its specific notes to these financial statements and, therefore,
are not disclosed below. In addition, the tax litigation related to income tax and social
contribution is presented in note 7(d).</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Provision for legal and administrative proceedings</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Effects in income statements</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 36%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 16%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 16%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 16%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 16%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Tax litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(346)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(65)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(359)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(92)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Civil litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(39)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(14)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;187&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(91)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Labor litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(317)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(142)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(865)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(540)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Environmental litigations</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;13&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(170)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(14)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(689)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(222)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,207)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(737)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Changes in the provisions in the period</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 34%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Tax litigation </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Civil litigation</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Labor litigation</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Environmental litigation</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total of litigation provision </B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,245&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,790&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,989&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;248&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;6,272&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions and reversals, net </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;359&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(187)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;865&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;170&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,207&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(111)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(918)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(421)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(168)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,618)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Indexation and interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;62&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;149&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;173&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;391&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer to held for sale and payables taxes</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(433)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(28)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(154)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(616)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,122&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;806&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,605&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;103&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,636&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;441&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,834&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,490&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;72&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,837&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions and reversals, net </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;92&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;91&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;540&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;14&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;737&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(64)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(353)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(459)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(877)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Indexation and interest</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;61&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;110&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;8&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;190&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Acquisition of Alian&ccedil;a Energia</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;34&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;149&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;183&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;530&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,716&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,582&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;242&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,070&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company has considered all information
available to assess the likelihood of an outflow of resources and in the preparation of the estimate of the costs that may be required
to settle the obligations.</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Tax litigations
&#8211; </B></FONT><FONT STYLE="color: #242424">The Company is party to several administrative and legal proceedings related mainly
to the incidence of Brazilian federal contributions (&quot;PIS&quot; and &quot;COFINS&quot;), Value-added tax (&quot;ICMS&quot;) and
other taxes.</FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Civil litigations
&#8211; </B></FONT><FONT STYLE="color: #242424">Refers to lawsuits for: (i) indemnities for losses, payments and contractual fines due
to contractual imbalance or non-compliance that are alleged by suppliers, and (ii) land claims referring to real estate Vale's operational
activities. </FONT></P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Labor litigations
&#8211; </B></FONT><FONT STYLE="color: #242424">Refers to lawsuits for claims by in-house employees and service providers, primarily involving
demands for additional compensation for overtime work, moral damages or health and safety conditions. </FONT></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Environmental litigations
&#8211; </B></FONT><FONT STYLE="color: #242424">Refers mainly to proceedings for environmental damages and issues related to environmental
licensing. </FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Contingent liabilities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 66%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 17%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Tax litigations </FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;37,829&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;37,122&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Civil litigations</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10,184&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7,891&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Labor litigations</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,974&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,809&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Environmental litigations</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,463&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,499&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;56,450&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;53,321&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #242424">The relevant developments since the financial statements
for the year ended December 31, 2024 are presented as follow:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 100%; padding-top: 2.15pt; padding-bottom: 1pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Civil litigations - Public civil action in the Tamandu&aacute; Mine</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In August 2025, the Brazilian Federal
Attorney General&#8217;s Office filed a public civil action against Vale in the Brazilian Federal Regional Court of the 6th Region, alleging
irregular exploitation of the Tamandu&aacute; Mine, located in Nova Lima (MG). The claim amount is R$2,084 (US$392 million), and the
risk of loss in this proceeding was classified as possible as of September 30, 2025.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>c) Judicial deposits</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 66%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 17%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Tax litigations</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,099&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,096&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Civil litigations</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;581&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;481&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Labor litigations</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;644&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;681&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Environmental litigations</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;68&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;68&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,392&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,326&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>d) Guarantees contracted for legal proceedings</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In addition to the above-mentioned
tax, civil, labor and environmental judicial deposits, the Company contracted R$18.6 (US$3.5 billion) (December 31, 2024: R$17.8 (US$2.9
billion)) in guarantees for its lawsuits, as an alternative to judicial deposits.</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_034"></A>27. Employee benefits</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Current liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom; width: 54%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; width: 10%; border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Payroll, related charges and other remunerations </FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,761&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,783&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Charges related to share-based payments</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">27(a)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;255&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;98&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Employee post-retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">27(b)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;370&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;385&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,446&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6,925&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;5,386&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;6,266&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;6,446&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;6,925&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Share-based payments</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">For the long-term incentive programs,
the Company compensation plans include Matching Program and Performance Share Unit program (&#8220;PSU&#8221;), with three-year-vesting
cycles, respectively, with the aim of encouraging employee&#8217;s retention and encouraging their performance. The fair value of the
programs is recognized on a straight-line basis on equity, with a corresponding entry in the income statement, over the three-year required
service period, net of estimated losses. The charges related to these programs are recorded in liabilities as &#8220;Employee benefits&#8221;.</P>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"></P>


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><BR>
Matching Program</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The fair value of the Matching program
was estimated using the Company's share price and ADR and the number of shares granted on the grant date. The information by valid programs
during the nine-month period ended September 31, 2025 is shown below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom; width: 37%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 21%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025 Program</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 21%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024 Program</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 21%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2023 Program</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Granted shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,453,783&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,244,659&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,330,503&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Share price</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;57.69&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;60.05&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;81.82&#9;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Performance Shares Units (&quot;PSU&quot;)</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The fair value of the PSU program
was measured by estimating the performance factor using Monte Carlo simulations for the Return to Shareholders Indicator and health and
safety and sustainability indicators. The assumptions used for the Monte Carlo simulations are shown in the table below by valid program
during the nine-month period ended September 30, 2025, as well as the result used to calculate the expected value of the total performance
factor.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom; width: 37%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 21%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2025 Program</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 21%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024 Program</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 21%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023 Program</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Granted shares</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,973,979&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,873,175&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,177,755&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Date shares were granted</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">May 06, 2025</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">April 29, 2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">January 2, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Share price</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;53.00&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;63.90&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;88.88&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Expected volatility</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;33.82%&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;35.60%&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;48.33%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Expected term (in years)</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">3</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">3</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Expected shareholder return indicator</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;87.67%&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;66.95%&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;72.42%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Expected performance factor</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;93.83%&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;87.71%&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;69.17%&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 3pt 17pt; text-align: justify; text-indent: -17pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 3pt 17pt; text-align: justify; text-indent: -17pt; color: #007E7A"><B>b) Employee
post-retirement obligation</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Reconciliation of assets and liabilities
recognized in the statement of financial position</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Overfunded pension plans </B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Underfunded pension plans and other benefits</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Overfunded pension plans </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Underfunded pension plans and other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Movements of assets ceiling</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance at beginning of the period</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;5,329&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;5,194&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Interest income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;278&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;403&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Changes on asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;92&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(442)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(144)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;174&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance at end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;5,555&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;5,329&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; border-bottom: rgb(217,217,217) 1pt solid; width: 60%; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Amount recognized in the statement of financial position</B></FONT></TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom; width: 10%; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom; width: 10%; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom; width: 10%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom; width: 10%; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Present value of actuarial liabilities</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(18,964)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(10,890)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(20,718)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(11,911)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Fair value of assets</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;25,252&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,074&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;26,727&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,601&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Effect of the asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(5,555)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(5,329)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;733&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(6,816)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;680&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(7,310)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;55&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(370)&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(385)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Non-current assets (liabilities) (i)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;678&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6,446)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;680&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6,925)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;733&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(6,816)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;680&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(7,310)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Overfunded pension plans assets are
recorded as &#8220;Other non-current assets&#8221; in the balance sheet.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_035"></A>28. Equity</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Share capital</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As of September 30, 2025, the share
capital was R$77,300 (US$61,614 million) corresponding to 4,539,007,580 shares issued and fully paid without par value. The Board of Directors
may, regardless of changes to by-laws, approve the issue and cancelation of common shares, including the capitalization of profits and
reserves to the extent authorized.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 70%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Shareholders </B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Common shares</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 10%; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Golden shares</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Previ (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">394,476,482 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&ndash; </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">394,476,482 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Mitsui&amp;co (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">286,347,055 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&ndash; </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">286,347,055 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Blackrock, Inc (ii)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; line-height: 120%">267,178,371</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&ndash; </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; line-height: 120%">267,178,371</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total shareholders with more than 5% of capital </B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>948,001,908</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&ndash; </B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>948,001,908</B></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Free floating</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; line-height: 120%">3,320,778,233</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&ndash; </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; line-height: 120%">3,320,778,233</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Golden shares</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&ndash; </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">12 </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">12 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total outstanding (without shares in treasury)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>4,268,780,141 </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>12 </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>4,268,780,153 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Shares in treasury</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">270,227,427 </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&ndash; </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">270,227,427 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total capital</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>4,539,007,568 </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>12 </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>4,539,007,580 </B></FONT></TD></TR>
  </TABLE>



<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Number of shares owned by shareholders,
as per statement provided by the custodian, based on shares listed at B3.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(ii) Number of shares as reported in the BlackRock, Inc.&rsquo;s Schedule 13F, filed with
the SEC on August 14, 2025 and Bradesco's database estimate on June 30, 2025.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><FONT STYLE="font-size: 10pt"><B>b)
</B></FONT><B><FONT STYLE="font-size: 11pt">Share buyback program</FONT></B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In February 2025, the Board of Directors approved the common shares
buyback program, limited to a maximum of 120,000,000 common shares or their respective ADRs, with a term of 18 months started from the
end of the ongoing program, detailed below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total of shares repurchased</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Effect on cash flows</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Shares buyback program up to 150,000,000 shares (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Acquired by Parent</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;17,413,659&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,204&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Acquired by wholly owned subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,645,514&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;850&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;29,059,173&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,054&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) On October 26, 2023 a new share buyback
program limited to a maximum of 150,000,000 common shares and their respective ADRs, over the next 18 months started from the end of the
program previously on going.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>c) Remuneration approved </B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company's By-laws determines
as its minimum mandatory remuneration to Vale shareholders an amount equal to 25% of the net income, after appropriations to legal and
tax incentive reserves. The remuneration approved as interest on capital (&#8220;JCP&#8221;) is gross up with the income tax applicable
to Vale&#8217;s shareholders. The remuneration to Vale&#8217;s shareholders was based on the following resolutions:</P>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Remuneration approved in the nine-month
period ended September 30, 2025</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">On
July 31, 2025, the Board of Directors approved JCP to its shareholders in the total amount of R$8,091 (US$1,448 million), which was paid
in September 2025 as an anticipation of the remuneration for the year ended December 31, 2025. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">On
February 19, 2025, the Board of Directors approved dividends to shareholders in the total amount of R$9,143 (US$1,596 million), approved
as additional remuneration for the year ended December 31, 2024. This remuneration was fully paid in March 2025</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #FF0090; line-height: 120%">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Remuneration approved in the nine-month
period ended September 30, 2024</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/112% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">On July 25, 2024, the
Board of Directors approved interest on capital to its shareholders in the total amount of R$8,940 (US$1,608 million), as an anticipation
of the remuneration for the year ended December 31, 2024. This remuneration was fully paid in September 2024.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">On
February 22, 2024, the Board of Directors approved dividends to shareholders in the total amount of R$11,722 (US$2,364 million), for the
year ended December 31, 2023. This remuneration was fully paid in March 2024. </FONT></TD></TR></TABLE>



<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_036"></A>29. Related parties</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company&#8217;s related parties
are subsidiaries, joint ventures, associates, shareholders and its related entities and key management personnel of the Company.</P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Related party transactions were made
by the Company on terms equivalent to those that prevail in arm&acute;s-length transactions, with respect to price and market conditions
that are no less favorable to the Company than those arranged with third parties.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Net operating revenue relates to
sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relate to the variable
lease payments of the pelletizing plants.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Purchases, accounts receivable and
other assets, and accounts payable and other liabilities relate largely to amounts charged by joint ventures and associates related to
the pelletizing plants operational lease and railway transportation services.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Transactions with related parties</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Financial result</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Financial result</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B><I>Joint Ventures</I></B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(62)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(161)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(46)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(452)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(28)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(690)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(685)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(115)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(127)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(399)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;38&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(9)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;18&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,365)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(46)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;39&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,335)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(28)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: silver 1pt solid; width: 40%; border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; vertical-align: bottom; width: 10%; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-top: silver 1pt solid; vertical-align: bottom; width: 10%; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-top: silver 1pt solid; vertical-align: bottom; width: 10%; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-top: silver 1pt solid; vertical-align: bottom; width: 10%; border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: silver 1pt solid; vertical-align: bottom; width: 10%; border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: silver 1pt solid; vertical-align: bottom; width: 10%; border-bottom: silver 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;338&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(57)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(7)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;468&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(69)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(4)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;PTVI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(933)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,127)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(531)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;15&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;338&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,521)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;8&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;468&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,198)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(3)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Bradesco</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;239&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;198&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Mitsui</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;120&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;325&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cosan</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;120&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;239&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;335&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;199&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;476&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(2,886)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;201&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;842&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(2,534)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;168&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Aggregated entities: Companhia Coreano-Brasileira
de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o
and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nine-month period ended September 30,</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; width: 10%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; width: 10%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; width: 10%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Financial result</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; width: 10%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; width: 10%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; width: 10%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Financial result</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(323)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(334)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(159)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,222)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(111)&#9;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,916)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,789)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(277)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(283)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;109&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,124)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;123&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(35)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(15)&#9;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;109&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(3,651)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(159)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;124&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(3,652)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(126)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,283&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(182)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(20)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,444&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(121)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(10)&#9;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;PTVI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,640)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,127)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(801)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;53&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(7)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;16&#9;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,283&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(3,623)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;18&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,444&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,255)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;6&#9;</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,589&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(991)&#9;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;472&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;920&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;46&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(93)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5&#9;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;518&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(93)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,590&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;931&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(15)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(986)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,910&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(7,367)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,449&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,499&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(4,922)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,106)</B></FONT></TD>
    </TR>
  </TABLE>

<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended September 30,</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 39%">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right; width: 11%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; width: 10%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; width: 10%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Financial result</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right; width: 10%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right; width: 10%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right; width: 10%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Financial result</B></FONT></TD>
    </TR>


  <TR>
    <TD STYLE="border-top: silver 1pt solid; width: 39%; border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 11%; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 10%; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 10%; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 10%; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 10%; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: bottom; width: 10%; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 21.25pt; line-height: 120%; text-indent: -0.1in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale International</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;30,915&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(512)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;32,568&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,346)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 21.25pt; line-height: 120%; text-indent: -0.1in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;168&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(481)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(92)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;82&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(338)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(71)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;31,083&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(481)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(604)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;32,650&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(338)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,417)</B></FONT></TD></TR>
  <TR>
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    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(62)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(161)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(8)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(452)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(10)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
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    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(690)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
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    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(685)&#9;</FONT></TD>
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  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(115)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(127)&#9;</FONT></TD>
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  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;38&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(9)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;18&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(966)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(8)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;39&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,335)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(10)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;338&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(43)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(7)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;468&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(44)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(4)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(531)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;338&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(574)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(9)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;468&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(44)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(3)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;238&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;192&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;238&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;6&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;192&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;31,439&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(2,021)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(383)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;33,163&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,718)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,238)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Aggregated entities: Companhia Coreano-Brasileira
de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o
and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>


<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent Company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Nine-month period ended September 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Financial result</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Financial result</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 21.25pt; line-height: 120%; text-indent: -0.1in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale International</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;82,665&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,239)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;90,754&#9;</FONT></TD>
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  <TR>
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    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;192&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(726)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(247)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;82,966&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,211)</B></FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(726)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(2,778)</B></FONT></TD></TR>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
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  <TR>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(334)&#9;</FONT></TD>
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  <TR>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,789)&#9;</FONT></TD>
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  <TR>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(277)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(283)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;109&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;123&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(35)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(15)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;109&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(2,527)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(25)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;124&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(3,652)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(45)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,283&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(138)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(20)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,444&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(84)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(10)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(801)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;16&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,283&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(939)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(35)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,444&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(85)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;6&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,587&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,005)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;20&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(67)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;20&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(67)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,587&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;7&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(15)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,004)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;84,378&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(4,744)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(963)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;92,521&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(4,478)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(3,821)</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin-top: 0; margin-bottom: 0; color: #242424"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt">(i)</TD><TD STYLE="text-align: justify">Aggregated entities: Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira
de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</TD></TR></TABLE>

<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0 0 0 0.75in; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0 0 0 0.75in; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0 0 0 0.75in; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0 0 0 0.75in; text-align: justify; color: #242424">&nbsp;</P>


<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/8.4pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0 0 0 0.75in; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Outstanding balances with related
parties</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; width: 40%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Dividends receivable and other assets</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Dividends receivable and other assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">210</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">195</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">79</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">201</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">28</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">28</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>29</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>195</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>107</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>413</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;287&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;119&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTVI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;892&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;923&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;19&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;291&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;911&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;124&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;931&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">4,277</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">804</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,616</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">100</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">161</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">134</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">76</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">41</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">16</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,438</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>76</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>804</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,750</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>57</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>100</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pension plan</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">110</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">97</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,438</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>506</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,910</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,750</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>385</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,444</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Aggregated entities: Companhia Coreano-Brasileira
de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o
and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">]</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Financial instruments and other liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Financial instruments and other liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;466&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,039&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;304&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,803&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;116&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;198&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;356&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;412&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;938&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,039&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;914&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,803&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;586&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;292&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTVI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;341&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;414&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;306&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;117&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;772&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;586&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;435&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;293&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Bradesco</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cosan</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;138&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,008&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;138&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,008&#9;</B></FONT></TD></TR>

  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 60%; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pension plan</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;66&#9;</B></FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;&#8211;&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,710&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,763&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,420&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,104&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin-top: 0; margin-bottom: 0; color: #242424"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt">(i)</TD><TD STYLE="text-align: justify">Aggregated entities: Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira
de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</TD></TR></TABLE>

<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"></P>

<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>September 30,</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Dividends receivable and other assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Dividends receivable and other assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale International S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">14,130</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">24,768</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minera&ccedil;&otilde;es Brasileiras Reunidas S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">305</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">285</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salobo Metais</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,204</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,165</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">49</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">40</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">58</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">185</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;15,383&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;345&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;25,991&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;470&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">210</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Logistica S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">38</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">79</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">38</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">28</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">28</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;29&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;38&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;107&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;250&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">287</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">119</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">98</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">20</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;288&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;118&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;121&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;8&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">3,027</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">804</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">945</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">100</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">13</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">67</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">38</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,094&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;804&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;983&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;13&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;100&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pension Plan</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;110&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;97&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,094&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;15,810&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,305&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;983&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;26,329&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;828&#9;</B></FONT></TD></TR>
  </TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt">(i)</TD><TD STYLE="text-align: justify">Aggregated entities: Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira
de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</TD></TR></TABLE>

<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>Notes to the Interim Financial Statements</B></FONT></P><P STYLE="text-align: left; font: 12pt/120% Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 11pt; color: #007E7A"><B></B></FONT><B><FONT STYLE="font-size: 10pt; color: #242424">Expressed in millions of Brazilian reais, unless otherwise stated</FONT></B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>September 30, 2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Export Pre-Payments</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 10%; border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Financial instruments and other liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Export Pre-Payments</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Financial instruments and other liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale International S.A. </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;62,893&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,129&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;73,707&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,923&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salobo</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;135&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;135&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;191&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,903&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;205&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,518&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;200&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;62,893&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;8,167&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;214&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;73,707&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;9,576&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;466&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;304&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;116&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;198&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;46&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;90&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;628&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;592&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;586&#9;</FONT></TD>
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  <TR>
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    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
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  <TR>
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    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
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    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
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  <TR>
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    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
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  <TR>
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    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;61&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
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  <TR>
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    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;10,877&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Aggregated entities: Companhia Coreano-Brasileira
de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o
and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>c) Key management personnel compensation</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">During the nine-month period ended
September 30, 2025, the compensation of the Company&#8217;s key management personnel was R$152 (US$27 million) (2024: R$108 (US$21 million)).</P>




<P STYLE="font: bold 16pt Caecilia Light; margin: 0; text-align: justify; color: #007e7a"></P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: right; color: gray"><B>&nbsp;</B></P>



<P STYLE="margin: 0pt"></P>

<P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
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    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Vale S.A.<BR>
    (Registrant) &nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Thiago Lofiego</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Date: October 30, 2025</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in"> Director of Investor Relations</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt"></P>



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